Buying a property is easily one of the biggest financial transactions you’re ever likely to make, so it stands to reason you’ll want to make an informed, reliable decision you won’t regret in the future.
That’s why organising a home buyer survey to be conducted before you agree on the purchase is so vital. But what is a survey exactly, and how can it help you?
A Home Buyer Survey Explained
Essentially, a home buyer survey is a detailed evaluation of a property and its condition conducted by a qualified RICS surveyor. Completed before contracts are exchanged, a survey provides you with valuable information about a property, detailing and identifying any potential repairs or maintenance issues that may need to be addressed.
Why Get a Survey?
While there are a lot of expenses associated with buying a new house, you might well wonder why add to the load with a house survey? The truth is, getting a survey done could save you a lot of money – and even heartache – further down the line, while also giving you peace of mind that you’re making the right decision.
Surveyors are highly skilled and experienced, so they’ll know what sorts of things to look out for when conducting a survey. These could include repairs, maintenance issues, dampness, rot, flooding, or roofing problems that aren’t necessarily noticed when you first walk around a property. By flagging up these issues in a surveyor’s report, you can then decide if you still want to go ahead with the house purchase, bearing any considerations or extra expenses in mind.
Renegotiate The Price
Identifying problems through a survey can be useful to help you renegotiate the purchase price of the property with the vendor, especially if the expenses are likely to run into thousands of pounds. Alternatively, you could request that the vendor addresses the issues identified before you proceed with the purchase. It’s often in the interests of the sellers to sort problems out, especially if they are going to keep cropping up if other would-be buyers get a survey done.
Don’t Rely on A Mortgage Provider’s Valuation
Buyers often assume a mortgage provider’s valuation is adequate instead of getting a full survey done, but this is incorrect. A survey for mortgage purposes is for the benefit of the mortgage provider only, to ascertain whether the property is worth the amount of money they will lend against it. It will not go into detail about the condition of the property, so can’t be used alone to make an informed and reliable decision.
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