Cost of a Homebuyers Survey
How Much Does a Homebuyer Survey Cost?
If you have been house hunting and have found a property that ticks all the boxes for you, made an offer that has been accepted by the seller, and are getting ready to transfer the ownership of the home into your name, it’s important to get a survey carried out before you begin the process of finalising the purchase. Whether you are buying a home for the first time or are a seasoned investor in property, and no matter whether you are buying a flat, a terraced house, a new build or a large period property, it is always worth getting a survey carried out on the house before you decide to go ahead with the sale.
The cost of getting a survey carried out on your potential new property is likely to cost a few hundred pounds at the most, but don’t let this put you off as it’s usually always worth the investment. In fact, homeowners who have a survey carried out can end up saving thousands of pounds in repair costs in the future since it enables them to become aware of any issues that may not have been immediately apparent.
Why Should You Pay the Homebuyer’s Survey Cost?
Having a homebuyer’s survey conducted on the property that you are planning to purchase can save a lot of money and trouble for you further down the line. The survey will be able to pick up any issues with the home that might not be immediately visible to the naked eye, such as subsidence or damp issues within the walls that are not apparent. In addition, the surveyor will be able to provide you with further information about the necessary repairs on the property, the estimated cost and ongoing maintenance to prevent them from occurring again, which can help you make a more informed decision regarding whether or not this is actually a property that you want to purchase now that you have this information.
Getting a Homebuyer’s Survey: Is It Worth It?
Purchasing a property is never going to be a cheap process, so it’s likely that you might be wondering if it is worth adding to your overall expenses by investing in a homebuyer’s survey. The truth is that it is recommended by experts as the best step to take when buying a new home since even if you are going to be purchasing a fairly new property that is in reasonable condition, you might not be aware of any hidden issues that are lurking and will only be made aware of these in the report that is provided to you by the surveyor.
Getting a survey can actually help you save money in the long-term, including being able to plan repairs on the property ahead of time in order to avoid expensive costs associated with problems that have worsened while you were not aware of them. It can also be used to negotiate a lower asking price with the seller in order to help you cover the cost of future repairs.
Is it Worth Having a Homebuyer’s Survey on a New Home?
Many buyers believe that it is only worth investing in a survey if they are going to be purchasing an older property or a property with obvious issues and defects, but this is not always the case. In fact, it can be worth your time and money to have a survey carried out on any type of property that you are planning to buy, even if it is a new build. New build-specific surveys are known as snagging surveys and are designed to find any issues with the home that can then be put right by the developer under warranty.
How Much is a Homebuyer’s Survey?
The cost of your survey for a property that you are planning to purchase will depend on a number of factors including the type, age, condition and size of the property, and the type of survey that you decide to have. A homebuyer’s report is the most popular survey option to choose as this will usually cost around £600-£700 for an average property that is worth between £250,000-£350,000. The size and value of the property, along with whether or not there are any obvious defects present, can also impact the amount that you will pay to have the survey carried out.
You may pay less for your survey if you are purchasing a fairly new home that is in good condition. In this case, you might want to opt for the cheaper condition report option, which is a less expensive but more basic survey that is often recommended for newer homes. On the other hand, you could end up paying more for your survey if you are planning to purchase an older home, a home with obvious defects, or a listed building. A building survey may be recommended in these circumstances and is often the best survey option for anybody who is buying a property that they are planning significant renovation work on.
Homebuyer’s Survey Cost UK – What You Get for the Price:
Investing in a homebuyer’s report or another type of home survey when purchasing your new property will give you a clear idea of the home itself and any issues that you might encounter once it belongs to do. Paying for a survey is worth the investment since it provides you with the information that you need to go into the property fully aware of anything that you will need to deal with as the new owner, enabling you to put together a plan for the future in terms of how you are going to make the repairs and how much you want to spend on them.
During the survey, the surveyor will visit the property and spend around two to four hours carrying out a full visual inspection of the interior and exterior features, fixtures and fittings. They will also look at any visible components of the gas, electrical and heating systems and the structure of the property including the walls and ceilings. They may use equipment to detect any serious damage to the home that has been caused by damp, subsidence or wet and dry rot.
After the survey has been conducted, you will get a report to outline the current value of the property based on what the surveyor has found. The report also goes into further detail about any defects or problems that have been uncovered during the inspection, with a particular focus on any issues that are dangerous or are going to require immediate attention. You may be given a recommendation for further specialist surveys and inspections and information on the average cost of having the repairs carried out.
Why the Homebuyer’s Report Cost Could Save You Money:
Although paying extra for a survey might not be something that you hoped to do when you are already going through the expensive process of buying a home, it could be something that saves you a significant amount of money in the future. Purchasing a homebuyer’s report can save you money in several ways, not least by making you aware of any issues that could be seriously expensive in the future if they are left unchecked because you are unaware of them.
Could the Cost of a Homebuyer’s Survey Help You Get a House for Less?
Another great reason to invest in the homebuyer’s survey before you purchase the property is that it could help you get the property for less. In many cases, sellers may be willing to renegotiate the asking price in order to get a quicker sale if there are issues and defects present that are only likely to come up in future surveys for a different buyer. If the seller is in a chain and knows that any buyer is going to be faced with the same problems, they might be willing to reduce their asking price or accept a lower offer in order to enable you to save money that you can put towards repairs instead in the future.
Getting a Homebuyer’s Report Quote:
Since different surveyors will set their own rates for performing surveys, it’s worth doing your research and asking around before you get a quote for your homebuyer’s report. You can ask for recommendations from your mortgage lender, the estate agent that you are purchasing a house through, or your conveyancing solicitor, however, bear in mind that these property professionals will often work closely with surveyors and may be earning a commission for their recommendation.
Conducting online searches and asking trusted people in your social circle for recommendations of surveyors that they have used is ideal.
In addition, make sure that any surveyor you choose to opt for is registered with an accrediting body such as RICS or SAVA. You can find RICS-accredited surveyors easily using the search function on the RICS website.
Spending extra money might be something that you may want to avoid when buying a house. However, investing in a survey to be carried out on the property is worth your while since it can save a significant amount in the future.