Home buyers report price
How Much does a House Survey Cost?
If you have found a property that ticks all the boxes for you and made an offer that the seller has accepted, you’re all set to get started with the process of buying your new home. However, whether you are a first-time buyer or a seasoned investor, and no matter what type of property you are planning to buy, it’s always worth having a house survey carried out on the property before you finalise the purchase and transfer ownership. The cost of a home survey on your potential new property is likely to set you back at least a few hundred pounds but is definitely worth the investment since it will ensure that you are aware of any potential defects and issues with the home that could cost you a significant amount to repair in the future.
Why Do You Need a House Survey?
Getting a survey carried out on the home that you are planning to buy will ensure that you are getting a clearer picture of the property before making the final decision to part with your money. Often, it’s easy to overlook issues when viewing a home, issues that might not be obvious to the untrained eye, which is why around 17% of homebuyers who do not have a survey carried out end up spending an eye-watering £12,000 or more on future repairs that they weren’t aware of when buying the house.
Is the Cost of Home Buyers Report Worth It?
Buying a house is not a cheap process, so you might be wondering if investing in a homebuyer’s report is worth the cost. The answer is definitely yes, and it is highly recommended by all property experts. Even if you are buying a fairly new property that does not appear to have any obvious problems, you never know what hidden defects might be lurking that you will only be made aware of in a surveyor’s report. Being informed of any potential defects, issues, and problems that will need your immediate attention can actually help you save money in the long run.
You can save money with your survey by:
- Planning repairs as quickly as possible to avoid the defects worsening over time
- Negotiating a lower asking price with the seller to help you cover the cost of repairing the property once purchased
- Pulling out of the sale due to the cost of future repairs that you may have not been aware of without the survey
What is the Homebuyers Survey Cost?
The cost of your home survey will depend on a number of factors including the type of survey that you book for the property, the rates set by the surveyor that you choose, and the size of the house that you want to buy to name a few. A home buyer’s report is the most popular survey option available and will usually cost around £600-700 for an average home worth between £250,000 and £350,000. This price may vary depending on the size and value of the property and any obvious defects that are present.
If you want to save money on your survey and are purchasing a fairly new home that is in decent condition, a condition report is a basic and less expensive survey option that may be recommended. On the other hand, paying more for a full structural survey may be a worthwhile investment of around £900 or more if you are buying an older house, a house with obvious defects, or a property that you plan to carry significant renovation work out on in the future.
What to Expect For the Home Buyers Report Price:
For the money that you pay for a homebuyer’s report, you can expect to get a clear idea of the property and any issues that you might encounter once you are the owner. This allows you to go into the purchase as informed as possible and put together a plan for the future in terms of how much you want to spend on repairs and how soon they will need to be carried out.
The surveyor will need to visit the property in person where they will spend around 2-4 hours carrying out a full visual inspection of the interior and exterior of the property. They will inspect all major indoor and outdoor features, the electrical, gas and heating systems, the structure of the property, including the walls and ceilings, and look for any signs of serious damage such as damp, subsidence, and wet or dry rot.
Once the survey has been carried out, you will be provided with a report that will outline the current property value based on the surveyor’s findings. This report will also go into further detail about any issues or defects that the surveyor has found during the inspection, particularly issues that will require your attention immediately, anything that needs attention due to not adhering to building standards, and anything that could be potentially dangerous. Your surveyor may also be able to provide you with information on the average cost of each repair and a timeframe for when they should be dealt with.
Why It’s Worth Paying for a Homebuyers Survey:
It’s definitely worth paying the cost of a homebuyer’s survey to work with a professional surveyor to find out as much as possible about a property before you become the owner. Regardless of the type or age of the property that you plan to buy, a survey will help you ensure that you have as much information as possible as you go into the purchase and can save you a significant amount of money in the future. On average, homebuyers who invest in a survey before purchasing a property can save up to £5,000 in future repairs.
When buying a property, getting a homebuyer’s survey carried out can provide you with more financial security. It will ensure that you can make an informed decision regarding going ahead with the purchase or give you information that you can use to negotiate a lower asking price with the seller in order to ensure that you are able to afford the necessary repairs.
Finally, some mortgage lenders may require you to have a homebuyer’s survey carried out before they will accept you for the loan. In addition, having a survey carried out will typically make it easier for you to obtain buildings’ insurance in the future and keep your premiums at a minimum.
Is a Homebuyers Survey the Same as a Home Buyers Valuation?
When buying a home, your mortgage lender may carry out a valuation survey on your property to ensure that it is worth the amount of money that you plan to borrow to pay for it. It is important not to mistake this as a homebuyer’s survey since it is not the same.
A valuation survey is usually a quick look at the property and the area to value the home and make sure that the lender is agreeing to lend an appropriate amount to the buyer. It does not always involve a surveyor visiting the home, although it might involve the surveyor paying a quick visit to visually inspect the exterior and ensure that the property is as expected. It will not go into any detail about potential defects or problems, which is why it’s important not to rely on the valuation survey from your lender and find a surveyor to quote you for a private homebuyer’s survey of your own before going ahead with the purchase.
Getting a Homebuyers Report Quote:
There are several ways to find a surveyor to get a quote for your homebuyer’s report. It’s a wise idea to ask several different surveyors to provide you with a quote before deciding on which one to go with since prices can vary depending on the company or individual contractor that you decide to use. To get started, you can search on the RICS website for chartered surveyors in your area that are registered with this accrediting body.
Finding a Surveyor for Your Homebuyers Survey Quote:
Finding a surveyor to carry out your homebuyer’s survey is not always easy, with several options to choose from. It’s a wise idea to start out by searching on the websites of the three accrediting bodies, which are RICS, RPSA, and SAVA. Your mortgage lender, the estate agent through which you found the property, or your conveyancing solicitor are also likely to know of reputable surveyors in your area that they can recommend and put you in touch with. However, before getting recommendations from other property professionals, bear in mind that they might be working for them to earn commission on referrals, so it’s a wise idea to do some further research and ensure that you are getting the best price for your survey. Ask your family, friends, and acquaintances in your local area for recommendations of surveyors that they have worked with in the past when buying a property and would recommend to you.
A homebuyer’s report will typically cost a few hundred pounds to carry out and could potentially save you thousands in future repair costs.