A homebuyers survey can be reassuring, or it can flag problems you need to know before taking the plunge to buy. Here are three reasons why it’s one of the best investments you can make in the property purchasing process.
The Homebuyer basics
The RICS homebuyers survey involves a visual examination of the property you’re looking to purchase, taking note of external and internal structure and condition. It’s not intrusive, so nothing will be moved, lifted or dismantled in any way. It will report on any damp, subsidence, potentially dangerous issues and areas that require immediate attention or further investigation.
1. It supplies a realistic valuation
Some surveys will include a valuation based upon the findings, taking into account the property’s condition along with prices of similar properties in that area and current market trends. If it includes a valuation and you require a mortgage, ensure that your mortgage lender will accept it first.
If they don’t, you may be required to pay for a separate mortgage valuation undertaken by a surveyor from the lender’s accepted panel. Whether or not your survey includes a specific valuation, you’ll also be made aware as to what potential work may need to be done, which you can factor into any offer you decide to make.
2. It supports your budget
With a homebuyers survey, you’ll know before you get too far through the purchasing process whether there are areas of concern. Not only can that prevent you from offering more than the property is worth, but it can forewarn you of any repairs and upgrades you may need to undertake and factor into your budget. Some of these issues may be looked into and rectified before completion or you may wish to negotiate on the property price and have this completed yourself after purchase.
3. It provides reassurance
If any issues are reported, then you’ll know in advance so you’re not buying blind. This could be anything from issues with the structure of the property through to drainage issues that you may want to get rectified by a Blocked Drains Kent company – 3Flow Drainage unblock drains in the Kent Area for example. You’ll be positioned to make an informed decision as to whether to make an offer, renegotiate, or pull out of the purchase entirely. However, some reports will be reassuring and give you peace of mind when no significant issues are identified. This can back up your judgement and give you confidence that you’re making the right decision.