How long does a homebuyer survey take
7 Useful Facts about Homebuyers Surveys
If you are looking at a property that you want to buy, it’s important to make sure that you are able to make a completely informed decision before entering into the buying process and finalising your purchase. Since the property is likely going to be one of if not the biggest investment that you will ever make in your life, making sure that you are completely aware of any issues that could stand in your way as the new homeowner or any issues that might be dangerous to your health or safety in the future is absolutely crucial.
Although they are not a legal requirement, there are many reasons to consider having a survey carried out on your potential new property before you go ahead with the decision to make the purchase. A survey will help you make a more informed decision by providing you with information and advice on any property issues that might not be immediately obvious when viewing the property, like damp or subsidence issues that can be costly to repair over time.
In addition, learning about these problems early on in the buying process means that you can prioritise dealing with them and potentially save money in the future by ensuring that you are not unwittingly allowing problems with the property to get worse over time.
Is a Homebuyer’s Survey Worth It?
It is natural to want to avoid spending as much additional money as possible when purchasing a home since it’s a very large and expensive purchase on its own. But the homebuyer’s survey is one area where it pays to invest your money since this could help you save a significant amount of money in the future. For the few hundred pounds that you will spend on having a survey, the average that homebuyers save on repairs over time is around £5,000, while on the other hand, homebuyers that don’t opt to have a survey carried out before buying will end up spending a massive average of £12,000 in the future to deal with repairs for problems in the home that they were not aware of at the time of purchase. In addition, many mortgage lenders will require you to have a survey carried out on the property before they will agree to lend you the money to purchase it. You may also find the results of the homebuyer’s survey useful in order to get a more accurate quote for a home insurance policy on your new property.
How Long Does a Homebuyer’s Survey Take?
A homebuyer’s survey can be expected to take between two and four hours depending on the size, type, and condition of the property that you are having surveyed. If you opt for a homebuyer’s report, this will usually take no longer than four hours for a larger home and is a non-invasive survey therefore the surveyor will not require any access to areas like the loft or attic, underneath the floorboards or behind furniture. The condition of the home will also have an impact on how long the survey takes to complete since a home that has more defects and issues for the surveyor to find will typically take longer to inspect than one that is in reasonably good condition.
How Long Does a Homebuyer Survey Take on an Older Home?
If you are planning to purchase an older home such as a listed building, a home with obvious problems or a property that you plan to renovate in the future, it is recommended that you invest in a longer and more thorough survey type known as a building report or full structural survey. Unlike the homebuyer’s report survey, this survey is more extensive and more invasive, leaving no stone unturned and requiring that the surveyor is provided with access to areas such as underneath the floorboards, behind the furniture, and in the attic or loft. Since this survey is more extensive and requires more access to various areas of the home to inspect, you can usually expect it to last for longer. It could take around a day to complete depending on the size and condition of the home that is to be surveyed.
How Long Does a Homebuyer Survey Take on a Newer Home?
On the other hand, a newer home is likely to be much quicker to survey since it is unlikely to have many of the issues that are common in older homes. If you are planning to buy a fairly new home that is in reasonable condition, you may opt for a condition report, which is a shorter and more basic type of survey designed for newer homes. It works on a traffic light system, which the surveyor will use to rate the different areas of the home based on their condition. This survey is not only usually cheaper than the other two common types of survey that are available, but they are typically much quicker to complete, and you can expect it to be done in just a couple of hours, depending on the size and condition of the property.
How Long Does a Homebuyer’s Survey Take to Come Back?
Once the survey has been carried out on the property that you are planning to purchase, you will be provided with an extensive report that makes you aware of any issues that have been found with the property, anything that is dangerous or needs immediate attention, and anything that could impact the value of the home. You will also be provided with an estimate for the cost of repairs, recommendations for future repair work, and if any further specialised surveys or inspections are recommended before going ahead with the purchase, such as a damp inspection for a property where a significant amount of damp has been found.
The length of time that you can expect to wait for your report to come back will depend on the type of homebuyer’s survey that you have had carried out on the property. For a condition report or homebuyer’s report, you will usually wait no longer than five working days. A full structural survey, which is more extensive, should take no longer than ten working days to come back.
How Much is a Homebuyer’s Survey?
How much you will pay for your homebuyer’s survey will depend on the type of survey that you opt for on the property, the size of the property, and the surveyor that you use. Typically, you can expect to pay around £600-£700 for a homebuyer’s report survey to be carried out on a home of average value, although this could be more or less depending on the size and the value of the property. A condition report will usually cost you less at around £300, and a full structural survey typically starts at around £900. Since surveyors can set their own rates for the services that they provide, these prices can vary depending on the professionals that you use, so it’s worth getting a few different quotes before deciding on the right surveyor for you.
Top Reasons to Get a Homebuyer’s Survey:
Getting a homebuyer’s survey isn’t required when getting a home, but it is strongly recommended by the experts for the following reasons:
Save Money on Your New Home:
A homebuyer’s survey can bring up information about defects that could impact the value of the property, which could ultimately help you save money on the home purchase overall. Many sellers will be willing to negotiate the asking price with the buyer if the survey has brought up defects and issues that will be expensive to correct, in order to enable them to save the difference and put that amount towards making repairs. In other cases, the seller might be willing to have the repairs carried out prior to you purchasing and moving into the property, which can help you save.
Save on Repairs:
A homebuyer’s survey will make you aware of any issues with the home as early as possible, which is particularly important for problems that might not be immediately obvious and might end up getting worse over time without your knowledge. As issues get worse, they will eventually become more costly to deal with, so learning about them at the earliest possible convenience can help you save a significant amount.
Ensure Your Safety:
A survey will make you aware of any dangerous areas of the home or dangerous construction materials that have been used such as asbestos, which can help you to make sure that your health and safety is protected in the future, especially if you are planning to carry out any renovation work on the home.
Make the Right Decision:
Finally, buying a home is a huge purchase, and you might feel differently about a property once you learn about anything that is wrong with it. Having a survey carried out before you buy a home could help you avoid making a huge mistake with the property that you buy.
If you’re buying a home, getting a homebuyer’s survey carried out could have more advantages for you than you might realise.