Homebuyers Report Cost
Is a Home Survey Worth the Money?
You have found a property that you want to purchase and made an offer that the seller has accepted. But before you start the process of purchasing the property and eventually moving into your new home, it’s a good idea to get a survey carried out. Although getting the property surveyed is not a legal requirement when buying a home, it is highly recommended by property experts and may be a condition of your mortgage. A survey is a wise investment since it will help you identify any issues with the property that might have gone unnoticed on viewings, meaning that you could save a significant amount of money on future repair costs.
When viewing a property as somebody who is untrained in property structure, you might not notice any structural issues and other problems that would be immediately apparent to a professional surveyor. Not getting a survey carried out could leave you dealing with issues that you had no idea were present when you put an offer in on the property. And if issues are getting worse over time, this could mean that eventually you have a very high bill to face to get them repaired.
Why is the Homebuyers Report Cost Worth It?
Many buyers make the mistake of believing that the valuation survey their mortgage provider will carry out will suffice, however, this is not true. This survey usually involves a quick visit to ensure that the property is worth the price you’re paying for it, and in some cases, the surveyor will not even leave their desk to verify the information.
As a result, it is always worth investing in arranging a private homebuyers survey with a surveyor who is on your side and is working with the sole aim of finding out anything about the property that you will need to know as the future owner. A homebuyer’s survey will involve an inspection of all the interior and exterior features of the property, the gas, electric, and heating systems, and look for problems like subsidence, damp and rot that could become very costly to repair over time.
A survey will ensure that you are going into the property purchase as well-informed as possible and that you have all the information you need to decide whether or not you’d like to go ahead with the purchase despite any issues that the building might have. In addition, you can also often use the information found in the survey to negotiate a lower selling price with the seller if you will need to pay for costly future repairs, to help cover this expense.
Main Benefits of Getting a Homebuyers Report:
Investing in a homebuyer’s report or similar building survey when purchasing a new property could save you thousands of pounds in repair costs in the future and help you avoid any nasty surprises when it comes to hidden issues with the home that you might not have noticed on the viewing. Some of the main benefits that you can expect to get from investing in a survey include:
Peace of Mind:
Having a survey carried out ensures that you know everything important that there is to know about the property before you purchase it. You will be provided with a report that outlines any defects, any issues that need immediate attention or could become dangerous in the future, and an idea of how much it might cost you to restore the property to good repair. Since purchasing a property is likely to be one of the most expensive things that you will ever invest in, getting a survey gives you the peace of mind that comes with knowing you are making the right choice.
Investing in a survey now could save you a huge amount of money further down the line. When you are aware of any issues with the property that are going to need repairing, this gives you a chance to start working on them as early as possible so that you can avoid them getting worse and subsequently more expensive to fix. On average, people who invest in a homebuyer’s survey will save a huge £5,000 on repair costs in the future, while those who do not get the survey often end up spending £12,000 or more on repairs – so it’s definitely worth paying for a survey before you buy.
Finally, the seller is likely to accept a lower offer on a property that is going to cost you a lot to repair in the future since any other buyers are likely to have a survey carried out and find the same issues. Most sellers are looking to complete the sale as quickly as possible and having clear information on property defects and an average cost to repair in the future may work in your favour when negotiating a lower price.
What RICS Report Types are Available?
There are three main survey types that you can choose from when purchasing your home. The surveys you can choose from are:
This is the most basic survey option available and is generally recommended for buyers who are planning to purchase a newer home that is in relatively good condition. It is designed to provide you with a general overview of the property’s condition and works with a traffic light system to rate the various areas in the property. Since it does not go into huge amounts of detail and will only provide a general overview plus highlight any significant issues that need immediate attention, it is not usually recommended for older houses or a property that you are planning to carry out a lot of renovation on.
A homebuyer’s report is the most popular option to go for and will go into more depth compared to a condition report. It will provide you with a general overview of the property along with getting more information on any issues like subsidence, damp or rot that will need your attention. The surveyor will carry out a thorough inspection of the interior and exterior of the property to get information on any defects and necessary repairs, areas that do not adhere to building regulations, and recommended property maintenance. This is a non-invasive inspection, so it is recommended for average properties that appear to be in reasonable condition.
A building survey or full structural survey is the most detailed and in-depth option. It will look over the entire property including underneath floorboards, behind furniture, and in the loft and attic to ensure that you have as much information as possible regarding the home. It is the best type of survey to get if you are planning to purchase an older property or a property that has a lot of obvious defects. It is also recommended for anybody who is planning serious renovation work on the property in the future since it will help to identify any issues that could affect the renovations.
How Much Does a Homebuyers Survey Report Cost?
The cost of getting a survey on your potential new property will depend on a number of factors including the type of survey that you get, the surveyor that you choose to work with, and the size, condition, and location of your property. On average, you can expect to pay a few hundred pounds for a homebuyer’s report, while a condition report is usually cheaper and a full structural survey is the most expensive. The average costs of each survey type are:
- Condition Report:
- Homebuyer’s Report:
- Building Survey:
A homebuyer’s report is usually the best type of survey to go with if you are planning to purchase a property that is in a reasonable condition and a fair age. It’s certainly worth investing in this survey before going ahead with the purchase since it could help you save thousands of pounds in the future by ensuring that you have as much information as possible to make an informed decision about going ahead and buying the house.
If you have found a property that you want to buy, it’s worth starting out with getting some quotes from different surveyors for a homebuyer’s report or another type of survey that might be a better fit for the building. You can often get surveyor recommendations from your solicitor or mortgage provider, or you can find surveyors in your area by searching on the websites for the accrediting bodies, which are the RICS, RPSA, and SAVA. You may also want to ask family and friends who have purchased a property in your area about the surveyor that they used to carry out the homebuyer’s survey before purchasing and whether they would recommend them to you.
It’s a good idea to get several different quotes from surveyors and carry out research to ensure that they are reputable and fair before deciding who to go with. Always make sure that your surveyor is registered with an appropriate accrediting body before booking the survey.
If you’re planning to buy a new house, investing in a survey is definitely worth the savings it could help you make in the future.