How Much is a Homebuyer’s Survey?
Getting a building survey conducted on a property that you are considering purchasing is one of the wisest investments that you can make during the process of purchasing a new home. On average, buyers who get a survey carried out before completing the sale of their new property will save around £5k on repairs compared to buyers who do not. Getting a homebuyer’s survey carried out on your potential new property will ensure that you go into the sale fully informed regarding any issues that you are likely going to have to deal with in the future when you are the new owner. The results of a homebuyer’s survey give you the chance to make repairs quickly and easily before they get any worse and cost you more in the future. In addition, many buyers can use the results of the homebuyer’s survey to negotiate the asking price of the property with the seller who may agree to reduce the price to cover the cost of repairs or complete the repairs themselves before the completion.
How Much Does a Homebuyer’s Survey Cost?
One of the main questions that you may have when it comes to getting a homebuyer’s survey carried out on your property is how much it will cost. The cost of the homebuyer’s survey is something that will vary depending on the condition, size, and value of the home that you are having surveyed. The chartered surveyor that you choose to conduct the survey can also affect the price since RICS surveyors are free to set their own prices. So, it’s worth getting a few different quotes from different reputable surveyors before deciding on the best value option for you. For an average sized property in average condition with a value of between £600k-£950k, you can expect to pay around £600-700 for a homebuyer’s survey.
How Long Does a Homebuyer’s Survey Take?
Another main question that many buyers are interested in getting the answer to is how long the survey can be expected to take to complete. The good news is that a homebuyer’s survey will not take a very long time to complete. In general, you can expect it to last for around 2-4 hours on average. The total length of the survey will depend on various factors including the size, value and condition of the property since larger properties or properties that have defects and issues that the surveyor will need to inspect will typically take longer to complete.
How Long Will It Take to Get the Report?
Once the RICS surveyor has completed the survey on your property, they will prepare a report that will be sent to you. The homebuyer’s report will include the findings of the survey including any defects and issues that will need to be repaired, anything that is likely to cause issues in the future and information about anything that could be dangerous to your health and safety. The homebuyer’s report will also include an average cost to make the necessary repairs in the property, along with an estimated price for completely rebuilding the property if it was destroyed, and information on the estimated value of the property in its current condition. For a homebuyer’s survey, you should wait no longer than five days to get this report.
What Does a Homebuyer’s Survey Involve?
A homebuyer’s survey will involve a full non-invasive inspection of the property. Unlike more in-depth surveys like the structural survey, the surveyor will not require access to all areas of the property and there is no need for them to get behind furniture or underneath the floorboards. They will provide you with a general overview of the condition of the property and provide further information in more detail about any issues that may have been picked up during the survey such as structural problems, damp, mould, wet rot, dry rot, subsidence, and asbestos. During the survey, the surveyor will also search for any areas of the property that do not to adhere to building regulations or anything that might be dangerous.
What Issues Does a Homebuyer’s Survey Look For?
During the average of four hours where the surveyor will be inspecting the property, they will actively look for a wide range of potential issues that may not be easily detectable to the untrained eye. Common property issues such as subsidence, damp, mould, or wet and dry rot may be present in the property without being immediately obvious, which is why it’s so important to have a homebuyer’s survey carried out. During the survey, the surveyor will look for any issues with all the interior and exterior fixtures and any visible areas of the plumbing, heating, gas, and electrical systems.
Why You Should Get a Homebuyer’s Survey:
When viewing a property, it can be easy to overlook issues that might not be immediately obvious. Some property defects and problems such as structural issues may also be undetectable to the untrained eye. Without having a surveyor look over the property before you complete the sale and commit to purchasing it, you could end up discovering issues later down the line that could be extremely costly to fix or even put your health and safety in danger.
A homebuyer’s survey will ensure that you have complete peace of mind when buying your new property. Understanding any issues that are present with the property means that you can plan for making and paying for future repairs and save money by tackling them quickly rather than only finding out about them when they get worse. Some buyers may be able to reduce the overall amount of money that they spend on the property by asking the seller to cover the cost of the repairs either by having them done before the sale completion or by reducing the asking price. And finally, understanding more about the property with a survey can help you make the right decision regarding if it is the best investment for you.
A homebuyer’s survey will set you back an average of £600-£700 depending on the property. Considering it could help you save thousands of pounds in the future, it’s always worth investing in.