Buying a home is one of the most important things anyone can do in life. It’s a monumental moment for most people because they’re investing in a place to call their own, where they’ll watch their children grow for years to come. Homebuyer surveys are ideal because it’s such a big deal to buy a home, whether it’s for the first time or not. So, when you want to have one of these surveys done before purchasing and moving into a property, we’re the skilled professionals to call. We can help you with your surveying needs, making the experience stress-free and straightforward for you!
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.
What to Expect of the Homebuyers Survey Cost
Many people want to know how much it will cost to have a homebuyers survey completed. The cost can vary from anywhere between £400 and £1200. We consider several factors before charging our clients for the surveying services provided, including the specific type of survey they choose and the size of the home. A larger home and a more detailed survey, such as the Level 3 Survey, will cost more than a smaller home with a Level 2 Survey. While it’s an initial investment to hire surveyors and go through this process, it saves you a lot more money in the long run. We know that our services are worth it and encourage individuals thinking about buying a home to reach out to us today for assistance.
The Importance of Obtaining a Homebuyers Report
The homebuyer report provides important details on the condition of a home before the buyers invest in it. While an initial inspection is typical, it's as common for traditional inspectors to unintentionally miss out on signs of damage and structural issues that our surveyors can catch during a thorough inspection. Therefore, our homebuyers report will include some of the following information to let clients know if a property is worth the investment or not:
- Provides ratings on different components of the property. Our surveyors complete a thorough walk-through of the home and have a trained eye for detecting issues with various components of the house.
- Includes details on the problems spotted throughout the home. In addition to providing a basic rating, we also take the time to check for problems that aren't always easy for the untrained eye to notice, such as structural issues.
- Offers advice and suggestions on repairs and maintenance required. While we cover the different problems we've spotted in the home, we'll also go over repair and maintenance suggestions with you.
What Is the RICS Homebuyer Report?
The RICS Homebuyer Report is the best report to get when you’re thinking about investing in a home. Our homebuyer report, also known as a Level 2 Survey, is an excellent option for most people. While some buyers would need a Level 3 Survey because the home is old and outdated, the Level 2 Survey is ideal for the following scenarios:
- The property isn’t in bad condition in the first place.
- The buyers would like to get professional advice on repairs and maintenance needed.
- The buyers want to know of any potential issues that could arise.
“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.