Is it worth getting a HomeBuyers survey?
6 Reasons to Invest in a Homebuyers Survey
Perhaps you have been looking for your perfect new home for a while and have finally found a property that you love. If you’ve found a home that you can’t wait to put an offer on because you can see yourself living there with your family for a long time, it’s time to start the process of making the offer, finalising your mortgage and buying the property so that you can move into it. However, before you make the final decision to buy the property, it’s important to consider having a homebuyer’s survey carried out so that you are fully aware of any issues, defects and other problems that might not have been immediately obvious when you viewed the property. Often, it’s hard to tell just by looking if a property is suffering from structural problems or issues like mould, dry rot or even insect infestations – and these are some of the last things that you’d want to discover after you have gone through the lengthy and costly process of buying a house.
The best way to ensure that you don’t end up with any nasty surprises after moving into your new home is to hire a chartered surveyor to carry out a survey on the property before you buy it. The homebuyer’s survey is an inspection of the property to find any defects or issues that you’ll need to be aware of, along with making sure that the property is structurally sound. The survey can also help you get a better idea of how much you might need to invest once you are the new owner of the property by providing you with further details on the cost of the necessary and recommended repairs.
Are Home Buyers Surveys Worth it and What Surveys are Available?
The first step when getting a survey is to determine which type of survey will be best for the property that you want to buy. The homebuyer’s survey is the most common and is typically sufficient for the majority of homes. However, in some cases, a different survey might be your best option. For example, if you want to buy a new build home, a snagging survey is designed specifically for these types of properties, allowing you to find everything from more serious problems to minor cosmetic issues that you can take to your developer and have them repair it under the warranty. On the other end of the scale, if you are looking into buying a very old property or a listed building, a building survey or full structural survey might be the best option for you since this goes into the most detail of all the survey options.
Is it Worth Getting a HomeBuyers Survey?
While having a homebuyer’s survey carried out on your potential new property is not a legal requirement, there are many reasons why it’s worth making the investment. If you are purchasing a house that is of average age and condition, there’s a high chance that the property may have some issues or defects that you will want to know about before you move in and start making it your own. Some of the main reasons why it’s worth investing in a homebuyer’s survey before you buy a property include:
1. Save Money:
On average, homebuyers who get a survey carried out will save around five thousand pounds in the future on the cost of repairs. This is because the survey ensures that you are fully aware of any issues that will need addressing before you finalise the sale and move in, giving you the chance to prepare and also arrange for work to be done on the issues that are only going to get worse over time, helping you avoid them becoming even more costly to repair in the future. On the other hand, buyers who forego the survey when purchasing a new property end up forking out for an average of £12,000 on future repairs to their home. The very fact that they’re not aware of the work that needs carrying out when they move in often means that these buyers go a very long time before realising that there are issues with the property, often when the problems have gotten to a point where they are so bad that it is impossible to ignore them.
Most people would jump at the chance of being able to buy their dream house for less and having a homebuyer’s survey carried out provides you with an ideal way to negotiate with the seller for a lower asking price. Using the information that has been uncovered in the survey, you could ask the seller to lower the asking price so that you can free up money to cover the cost of the work that will be required. Although sellers are not obliged to reduce the asking price after the result of a survey, you may find that many will be willing to since they are only likely to have the same problem with future buyers.
3. Mortgage Lender Requirement:
In some cases, your mortgage lender might require you to have a homebuyer’s survey carried out before they are willing to accept your mortgage application for a home. Not having the survey carried out might impact your ability to get a mortgage for the home that you want and could cause complications and delays in the sale process.
4. Buy the Right Property for You:
Another reason why it’s a wise idea to spend a few hundred pounds on having a homebuyer’s survey carried out is that it can help you decide if a property is actually right for you. You may find that a property that you love is not actually as appealing to you if you find out that there are serious defects that you will need to pay to repair after you move in. If you’re looking for a property that’s ready for you to move into with your family without the need to have work carried out, it could be the reason why you change your mind and look elsewhere to save hassle in the future.
5. Get the Right Insurance:
The homebuyer’s survey will often include a lot of information that you can use for getting home insurance on your property in the future and could even help you get a better policy price. Since it provides you with a clearer picture of any defects and issues that need to be attended to, it highlights information that might be important to getting the right insurance policy for you in the future. In addition, knowing what issues are present and having them repaired could help you save money on home insurance.
6. Stay Safe:
Finally, the homebuyer’s survey will provide you with peace of mind when it comes to the safety of you and your family at home. Getting a homebuyer’s survey carried out, particularly on an old home, will alert you to the presence of any dangerous areas in the home or hazardous materials such as asbestos, which can cause a serious health threat if disturbed through regular work that most people will carry out when moving into a new property such as decorating and installing fixtures.
Is a Home Buyers Survey Worth it On a New Home?
While it’s clear to see that a homebuyer’s survey is a worthwhile investment to make on an older property that is more likely to be suffering from issues and defects, you might be wondering if it’s still a worthwhile investment in a new property. Newer properties are less likely to suffer from many of the issues and problems that will be found in many older homes, but nevertheless, they are not immune from problems. For this reason, it’s worth getting a homebuyer’s survey carried out on a home of any age. In some cases, you may be able to opt for a cheaper and less intense survey, such as a condition report, on a new home that is in good condition. The condition report involves a surveyor checking each area of the property and rating it using a traffic light system to alert you to where is going to need the most work and attention. It also highlights any serious or dangerous issues that you will need to be aware of before moving in.
Should I Get a Homebuyer’s Survey on an Old Home?
In most cases, an older building will be an ideal candidate for a homebuyer’s survey. However, there are some exceptions, including very old, historical and listed buildings, which may require a full structural survey since it is more invasive and will cover more ground compared to the homebuyer’s survey, including looking for issues that tend to be exclusive to this type of building. A building survey might also be a wise idea if you are purchasing an older home that you want to carry out renovation work on.
No matter what type of property you want to buy, it’s always worth investing in a homebuyer’s survey or another appropriate survey type to ensure that you have all the information you need before you buy.