Reasons for Having a Home Survey Before Your Next Purchase
When you’re about to make a major investment, it makes good practical and financial sense to safeguard your purchase by taking guidance from a property professional who can give your dream home the once-over.
If the survey results flag up any significant problems, you can then use that knowledge to budget accurately for remedial works or go back to the seller to try and negotiate a better deal or walk away from the purchase.
4 Risks of Not Getting a Home Survey Before You Buy
Whichever way you look at it, a home survey is money well spent. However, there’s still many homebuyers that believe a home survey is an unnecessary expense. There are several risks of buying a house without a survey, including the following:
1. Negotiations will be more difficult
Knowing about any defects through a survey will put you in a more solid position to renegotiate a discount if there is a lot of work to be done on the property.
By quoting the expert findings of your RICS qualified and accredited surveyor, you are more likely to be effective in your renegotiations. More specifically, the seller will be more inclined to offer one of the two following options. They will either, propose a reduction in the asking price of the property that is roughly equal to the building works estimated costs of repairs or they will agree to make the necessary renovations – at their expense – prior to your move in date.
2. Unexpected future surprises
The purpose of a professional property survey is to give you, the buyer, a great understanding of the condition of the property you are about to invest in. Eyesurvey will carry out a quality inspection and identify issues of concern that a layman may not be able to detect.
Once you receive the full report, you may be alerted to any number of serious or costly defects that are not immediately obvious. This can help you make a confident and informed decision, based on the qualified, impartial advice of a property professional. It is VITAL that you read thoroughly, and understand that report. If you’re unsure about something in it, we are always happy to talk it through, and explain those points.
3. No access to expert advice.
No professional advice means that defects could go undetected because the untrained eye will not be able to say if a crack in the wall is due to a structural defect or whether it requires a simple decorating job. A survey may also come with cost estimates – if previously agreed, and at additional costs – so that you have an approximate idea of how much you need to spend on the property as a matter of urgency.
4. No impartial information.
An independent survey carried out by Eyesurvey is entirely for your benefit and remains impartial, helping you make the best decision for your family.
A main misconception is that a satisfactory mortgage valuation is all you need to know that your investment is safe. However, this is simply not the case.
A Mortgage Valuation Report is commissioned by your lender, though you may be liable to pay for it. It constitutes an assessment of the property for the sole benefit of the mortgage company to gauge whether the property is worth the requested loan. A mortgage valuation is not a property survey; often it is no more than a simple tick-box exercise to check whether specific lending criteria have been met.
Some lenders arrange for only “DESK-TOP VALUATIONS”, which means the property is NOT EVEN VISITED.
That process is becoming more and more common, for speed and to reduce costs to the lender in processing the loan.
The RICS (Royal Institution of Chartered Surveyors) recently found that the average cost of unexpected items, due to buyers not obtaining a professional and detailed survey report, was upwards of £5,000 – but it can be far more.
Which Homebuyer’s Survey is Suitable for You?
The Royal Institution of Chartered Surveyors (RICS) endorses three levels of property investigation – a basic Condition Report, a mid-level HomeBuyer Report and an in-depth Building Survey – and the right choice of survey depends on the property in question and the buyer’s plans for it. We are happy to advise, so you get the best value for your fee.
Whichever type of survey you opt for, an independent home survey is a golden opportunity to get expert impartial advice from an RICS Chartered Surveyor who will have undergone years of rigorous professional training and bring a wealth of specialist knowledge as well as experience to your property.
Chartered Surveyors You Can Trust in Essex & South Suffolk
For over 30 years our Essex based surveyor team has helped many homebuyers with property related issues quickly and effectively so they can make their house a home. We have over 50 years’ experience in the property profession so there is nothing we have not dealt with!
For the fourth year running, Eyesurvey is independently rated as one of the top 3 Chartered Surveyors in Colchester. For a HomeBuyer’s Survey you can trust, contact us today.
Les Long FRICS FISVA Principal, Eyesurvey
Contact EYESURVEY Chartered Surveyors here for all your professional property services and needs.