Why Get a Homebuyer’s Survey?
If you have found a property that you like and are planning on purchasing it, it’s important to have as much information as possible about the property so that you can make a completely informed decision when it comes to whether or not you will go ahead with the sale. Since property is often the biggest investment that most of us will make in our lifetimes, it makes sense to make sure that you are fully aware of any issues that might be present that you will need to deal with as the new homeowner. When you buy a property, it’s wise to be informed about anything that might cost you a lot of money to repair, or even worse, things that could be dangerous to your health and safety.
While having a homebuyer’s survey conducted on the property is not a legal requirement when buying a home, it is recommended by experts for various reasons. On average, homebuyers who don’t get a survey carried out end up spending around £5k more on repairs compared to those who do, so you can see that it’s definitely worth investing a little more for.
Is it Worth Getting a Homebuyer’s Survey?
While buying a house is a huge expense and it’s normal for many buyers to want to save as much as possible when it comes to additional expenses, experts say that the homebuyer’s survey should never be an area that you skimp on. Getting a homebuyer’s survey carried out is definitely worth the additional expense, since the few hundred pounds that you’ll typically pay for a survey could end up helping you save thousands further down the line. Not only does getting a survey carried out make you aware of any issues so that you can fix them before they become worse and more expensive to repair, but you may also be able to use the findings to ask the seller to drop their asking price to reflect any issues and defects that have been found. Some of the main reasons to get a homebuyer’s survey carried out before completing the sale on a new property include:
- Save Money on Repairs:
Getting a homebuyer’s survey will ensure that you are aware of any repairs that need to be carried out in the property, including anything that may not be serious right now but has the potential to get worse in the future. Getting this information from as soon as you move in will help you avoid any nasty surprises further down the line and give you the chance to make repairs while they are cheaper and easier to do so.
- Make the Right Decision:
Buying a home is a massive purchase, and it’s important to most buyers that they are making the right decision. And the truth is that no matter how much you like a property, you might feel differently about it, and how much you’re willing to pay for it, when you hear about the problems that it has. Since all properties can have issues that are not visible to the naked eye, the survey will help you make a more informed decision about whether or not this is the right property for you.
- Ensure Your Safety:
The last thing that you want is to move into a new property that is unsafe, but sadly, there is a risk of this happening if you do not have a building survey like a homebuyer’s survey carried out. Having this survey carried out will make you aware of anything about the property that could pose a health and safety risk such as poor structural integrity or the presence of dangerous construction materials like asbestos.
- Reduce the Asking Price:
Finally, another reason to consider getting a homebuyer’s survey is that the money you pay for the survey could help you get thousands knocked off the purchase price. Many sellers want a quick and hassle-free sale and may be willing to reduce the asking price to reflect what has been found in the survey. This is especially true if you would pull out of the sale if you are going to be left to pay for the repairs, since the seller may want to avoid having to go through the entire process again with another buyer, especially if there is a risk that they may end up in the same situation again once the next buyer has a survey carried out.
How long will a homebuyer’s survey take?
The homebuyer’s survey is a non-invasive survey that will not require the surveyor to access all areas of the property. Because of this, it is mostly recommended for properties that are in average or good condition and no more than fifty years old. If you want a more in-depth survey or are purchasing a higher-risk property such as an older house or a house with obvious problems, you may find that it is worth paying a little extra for a more comprehensive survey such as a structural survey to be carried out.
Depending on the type, size, and condition of the property to be surveyed, you can expect a homebuyer’s survey to take between two and four hours. Newer homes are likely to be surveyed faster as there will usually be fewer issues for the surveyor to get through. The surveyor will inspect all rooms in the property’s interior and survey the exterior of the property.
What’s Included in the Report?
Once the survey has been conducted, you will receive a report detailing the findings. This will include information on any defects that have been found, including anything that is dangerous or needs immediate attention. You’ll also get an estimated cost for making all necessary and recommended repairs, and in some cases, the surveyor may recommend that you have further surveys carried out such as a structural survey or a specialist survey like a damp inspection.
If you are in the process of buying a new property, it is always worth getting a homebuyer’s survey. This survey will ensure that you have all the information you need before making the investment.