The purpose of a Homebuyer Survey is to help you make a decision about purchasing a property in London based on the detailed information provided in the survey. It can be used to help you decide whether the price you are paying for a property is justified, as well as minimising the risk of future unexpected issues and costs.
What are the benefits of having a RICS homebuyer survey carried out?
A RICS Homebuyer Survey can uncover any serious problems or defects with the property you are looking to buy, and any potential legal issues that may need to be investigated by your solicitor. It also gives you advice on any future maintenance issues that may arise, so that you can plan your finances in advance, based on the information provided in the survey.
A RICS Homebuyer Survey will also provide you with a market valuation, so you can decide if the asking price is reasonable, and a reinstatement value for insurance purposes. The reinstatement value is how much it would cost to rebuild your property, if necessary.
Why should I obtain a Homebuyer Survey?
A Homebuyer Survey is a valuable investment as it can give you peace of mind when purchasing a property in London, especially if it’s an older property, even if it seems to be in a fairly good condition. Being armed with a Homebuyer Survey can also help you negotiate a fairer price for the property you are intending to buy in London, as you will know what you will have to spend on essential maintenance costs.
A Homebuyer Survey carried out by London Chartered Surveyors will also enable you to bargain with the seller over the price, or ask them to complete any necessary repair works before you complete the sale. It may also help you to decide if the property is affordable, by providing you with a list of future maintenance and repair work that you can reasonably expect to have to carry out on the property.
Most Homebuyer Surveys do uncover some defects or issues, especially if the property is older. London Chartered Surveyors are always happy to discuss the report with you and help you understand what effect it could have on your purchase.
“One in five homebuyers only gets a mortgage valuation report, so it’s no surprise that many are hit with unexpected repair bills when they move in.”
Source: Royal Institute of Chartered Surveyors (RICS)
Why Do I need A Homebuyers Survey?
A Homebuyer Survey is particularly useful if:
- You have any specific worries about any part of the property
- You feel unsure about what sort of condition the property is in
- You are looking to buy an old or unusual property
- The property has a thatched roof or is timber framed
- The building is listed
What if I already have a mortgage valuation report?
The Council of Mortgage Lenders advice that if you are getting or even have a mortgage valuation report, it would be prudent to get a detailed Homebuyer Report that has been arranged by your own surveyor. The reason for that is the mortgage valuation report isn’t for you, it’s for the lender.
A mortgage valuation report is usually carried out by a building society or bank. It isn’t as detailed as a Homebuyer Survey; it is merely a report. 1 or maybe 2 pages in length. It is not a survey.
The Homebuyer Survey & Valuation
The Homebuyer Survey is 15 – 20 pages, concisely worded about the condition of the property. The survey covers the property inside and out. It gives a definitive explanation of any defects such as roofs, ceilings and walls, floors: damp course: rainwater goods such as windows, joinery, and chimneys etc.
If you would also like us to value the property, we can do that too. Obviously, this costs slightly more. Just get in touch for a no obligation quote.