Are home buyers report worth it?
Why Home Buyer’s Reports are Good Value
If you have been looking for a new home and have found a property that you’d like to purchase, it is a wise idea to have a home survey carried out by a chartered surveyor before you finalise the purchase and complete the sale. During the survey, a surveyor will visit the property to inspect it and identify any issues like structural damage, damp, mould, rot, and asbestos presence that could be dangerous to the residents or costly to repair in the future. Getting a homebuyer’s report carried out on the property before you make the purchase will ensure that you are able to make an informed decision about whether or not you’d like to go ahead with the sale, put a plan in place for making repairs, and ensure that issues that are found do not get worse over time.
There are several RICS surveys that you can choose depending on the type, age, size, and condition of the property that you want to buy, plus any renovation plans that you have for it in the future. The RICS homebuyer’s report is the most popular survey option among homebuyers, and it is recommended for the majority of properties that are of average age and of reasonable condition.
What is a HomeBuyer Report?
A homebuyer’s report is a survey that is carried out by a chartered surveyor. Although it is a non-invasive survey, it will go into detail about the condition of the home both on the interior and exterior, the condition of any features and fixing, electric, gas, heating and plumbing systems, and any problems that are found during the inspection. The surveyor will not require access to the loft or attic space, underneath the floorboards, or behind the furniture, but it is recommended that it’s easy for the surveyor to access as much of the property as possible so that the survey can be thorough.
Once the survey has been completed, the surveyor will then compile a report that you will be provided with. This will include details on the general condition of the property and outline any problems that have been found that will need your attention. It will inform you of any areas of the property that are non-compliant with building regulations and anything that could become dangerous to you and your family in the future. You’ll also get repair recommendations and an estimated cost for the repairs. Some surveyors will also provide you with an estimated figure for how much it would cost to rebuild the property from the ground up which can be useful for home insurance purposes in the future.
What is a Home Buyers Report Survey Needed For?
A homebuyer’s survey is not a legal requirement when purchasing your new home, however, you might find that there are several reasons why you may need one. Not only does having a homebuyer’s survey carried out allow you to get as much information as possible on the property before you make the purchase, but it will also be required by many mortgage lenders before they are willing to accept your application and lend you the money that you need to purchase the property. In addition, your homebuyer’s report may also help you get a better price on your future home insurance policy.
One of the main reasons to have this survey carried out is that it can save you thousands of pounds in future repair costs. On average, homebuyers who have a survey carried out will save around £5,000 in future repairs since it allows them to identify any problems as early as possible and avoid the risk of the issues getting worse over time when they are unaware of them.
Are Home Buyers Report Surveys Worth It?
Many people will mistake the valuation survey that is carried out by their mortgage lender as a home survey, but the truth is that this does not uncover any of the information that you might find in a homebuyer’s report. The valuation survey that your mortgage lender will carry out is often done from behind the desk where they will look at data from the local area to ensure that your potential new property is worth the amount that you are planning to pay for it. In some cases, a surveyor might visit to look at the property from the outside, but they will not usually enter it.
On the other hand, a homebuyer’s survey is worth investing in since it provides you with information about the property that might not have been apparent when you were conducting the viewing. Investing in a homebuyer’s report survey is worth it for the following reasons:
Peace of Mind:
There is nothing more frustrating than spending hundreds of thousands of pounds on a new property only to find serious issues that you were not made aware of. Getting this survey carried out will provide you with the peace of mind that comes with knowing that you are aware of any potential issues with the property and that it’s unlikely you will be faced with any nasty surprises further down the line.
While getting a homebuyer’s report survey carried out might seem like an unnecessary extra expense when you are already spending a huge amount of money on your new home, the amount that you pay for your survey can definitely be worth the amount that you might save on future repairs. While homebuyers who have a survey carried out will save around £5,000 on average, it’s worth noting that those who do not opt for a survey will end up paying an average of £12,000 over time on repairs, mainly due to the fact that there may be issues that worsen over time that they were not aware of when purchasing the home.
Lower Asking Price:
Getting a survey carried out could mean that you end up saving money when purchasing the home, since you can use the information provided in the report to renegotiate a lower asking price with the seller, who may be willing to get a quick sale by accepting a lower offer that takes into account the amount that you will need to pay to have the repairs carried out once you are the new owner.
In some homes, dangerous issues are not always immediately obvious, particularly when it comes to the presence of hazardous materials such as asbestos, which you might not notice but would be apparent in a survey. If you are planning to renovate an older home, the presence of asbestos that is disturbed during renovations could be extremely dangerous to your health and the health of any contractors that are working on the home, which is why it’s important to be aware of its presence so that you can have it professionally removed. In addition, issues like damp and mould can be very dangerous to family members who suffer from respiratory conditions like asthma.
Finally, if you are buying a property that you are planning to resell in the future, the last thing that you want is to find out about any issues when a potential buyer has a survey carried out on it. Having a survey carried out now will ensure that you are able to make the maximum profit on the property rather than unknown issues getting in the way.
How Much Does a Home Buyer’s Report Cost?
The amount that you can expect to pay for your homebuyer’s report will depend on the size, type, location and condition of the property that you are having surveyed. On average, you can expect to pay around £400-£600 for a homebuyer’s report. If you want a more in-depth survey carried out, the RICS building survey will cost you more, but is more invasive and will go into more detail about the property.
It’s worth paying for a homebuyer’s report even if you don’t believe that there is anything wrong with the property since looks can be very deceiving. It is always worth investing in a homebuyer’s report, even if you are planning to purchase a fairly new property that does not have any obvious defects. The survey will ensure that you have all the information available on the property to make an informed decision about buying and could be definitely worth the price that you pay if you are able to use it to get a lower offer accepted rather than your original one. Included in the price that you will pay for your survey and report are:
- Information on the construction and condition of the property
- Information on all the major indoor and outdoor property features and fixings
- Information on the visible aspects of the gas, electrical, heating, and draining systems
- Information on issues that will need immediate attention
- Information on problems that could get worse over time
- Information on issues that may be dangerous
- Information on any property areas that are not compliant with building regulations]
Even if a property doesn’t appear to have any issues at first glance, it’s not worth taking the risk – investing in a homebuyer’s report survey is always worth it.