Homebuyers Survey Report – Cost and Valuation
What is a Homebuyers Survey and is it Worth the Money?
You’ve found the property of your dreams and put an offer in which has been accepted by the seller. Now, you’re ready to start the process of making the property purchase and transferring ownership of the property to yourself. However, before you purchase the home, it’s a wise idea to get a homebuyers survey. A survey is not legally required, but it is essential to identify any potential damage to the property or other issues that you might not have noticed, which could be costly to repair later down the line.
Structural issues and other building problems can often go unnoticed when you conduct a viewing, and skipping on a homebuyers survey could leave you dealing with issues that you had no idea were there when you bought the house. There are several reasons why investing in a homebuyers survey is a good idea – not only is it a good investment in the future as is can help to prevent huge costs later on, but many mortgage providers and home insurance companies will also require you to have a survey conducted before you can get the product you want.
What are the Different Types of Homebuyers Survey Report?
Typically, there are three different types of surveys that you can choose from when buying a home. These are:
RICS Condition Report:
This report is the most basic survey. It will provide you with a general overview of the property’s condition and point out any significant issues that you’ll have to address when you move in. It does not go into detail, so it’s not usually the best choice for older properties and is a more popular option with those buying relatively new, modern houses. The report will use a traffic light system to provide more information on different parts of the property.
RICS Homebuyers Report:
This survey is more in-depth and detailed compared to a basic condition report. Not only will it provide you with a general overview but it will go into more detail about any specific problems in the property like damp or subsidence. You will also get important information on any repairs that are necessary, parts of the property that don’t adhere to current building regulations, and advice on ongoing maintenance to keep the property in the best condition. However, bear in mind that this inspection is non-invasive, meaning that there’s still the potential for things to be missed. Only problems at surface level will be included since your surveyor will not look behind any furniture or under any floorboards, for example. However, it is usually an adequate type of survey for properties in a reasonable condition.
RICS Building Survey:
This is the most thorough and detailed survey option and is recommended for those who want to make sure that no stone goes unturned before purchasing a new property. It is recommended if you are purchasing an older property or a property that’s in poor condition or has an unusual layout. This survey is also often used by homebuyers who plan to do significant renovation work or if there are any large concerns about the building after the viewing.
How Much Does a Homebuyers Report Cost and is it Worth It?
The cost of getting a homebuyers report will depend on a number of factors including the surveyor carrying out the survey, the type of homebuyers report that you opt for, and the property that you are planning to purchase. It is usually around a few hundred pounds. The size, type, and location of the property that you’re planning to purchase will have an effect on how much you can expect to pay for the report. On average, you can expect to pay:
- RICS Condition Report – around £250
- RICS Homebuyer Report – around £400
- RICS Building Survey – around £400-£500
How Much Does a Homebuyers Survey Cost?
If you are purchasing a property that is a fair age and in reasonable condition, a Homebuyers Report is usually an adequate type of building survey to opt for. Investing in this survey before buying is certainly worth your money with buyers saving an average of over £5,000 in future repair costs by simply getting the survey carried out on their potential new property. The survey will ensure that you have all the information available to make an informed decision as to whether or not you still want to go ahead with the property purchase, providing you with information on issues that you may not have been aware of previously that could be very expensive to repair in the future such as dry rot, roof problems, and structural damage.
How Much is a Homebuyers Survey – How to Get Home Buyer Report Quotes:
If you’ve found a property that you are set on buying, it is a good idea to start off by getting some quotes for having a homebuyer report carried out. You can do this by speaking to your mortgage provider or conveyancing solicitor who will usually be able to put you in touch with a surveyor that they trust and recommend. Alternatively, you can find surveyors in your area with an online search or by speaking to your family and friends who may be able to recommend a professional they have had a good past experience with. When choosing building surveyors to ask for quotes, it is important to ensure that they are registered with one of the three main accrediting bodies, which are:
- The Royal Institution of Chartered Surveyors (RICS)
- The Residential Property Surveyors Association (RPSA)
Why Getting Home Buyers Survey Quotes is Worth It
Many people mistakenly believe that the valuation survey carried out by their bank or mortgage provider counts as a survey, but this is not true. When the bank carries out a valuation on your property, they will typically pay a quick visit to look around and make sure that the property is worth the price that you are planning to pay for it. This survey does not go into detail about any issues with the property or include a full inspection as you would expect from a homebuyers survey or building report.
Because of this, it is certainly worth getting quotes for homebuyers surveys of your own. A homebuyers survey will go into much further detail compared to the bank valuation and provide you with insights into any issues that you will be required to fix once you own the property. In addition, getting a homebuyers survey carried out on the property may also help you reduce the selling price if there are any costly issues that you will be required to attend to once you have moved in. You can use the estimated cost of the problems to negotiate with the seller and get them to lower the asking price by the difference.
Why It’s Worth Paying the Homebuyers Report Cost:
If there’s nothing obviously wrong with the property at the time of viewing you may think that there’s no reason to invest in a homebuyers report, but the truth is that it is always worth investing in, even if you are purchasing a fairly modern property with no obvious issues. Getting this survey carried out will provide you with an in-depth look into the property and details about the home that will help you make more informed future decisions throughout the buying process and once you become the owner. Some of the main things included in the report are:
- The construction and condition of the property
- An inspection of all major indoor and outdoor features and fixings
- An inspection of any visible parts of the heating, drainage, gas, and electrical systems
- Information on any problems that will continue to worsen in the future
- Information on any areas of the property that will need immediate attention
- Information on any areas of the property that have the potential to be dangerous
- Information on any legal assistance that you may require
What are the Main Benefits of a Homebuyers Survey Report:
Getting a homebuyers survey report is worth investing in thanks to the following benefits that it provides.
- Financial Protection – The survey will help you avoid any surprising major expenses in the future by making you aware of any potentially costly problems before committing to buy the property so that you can plan your finances accordingly.
- Peace of Mind – Getting this survey carried out alerts you to any potentially dangerous areas of the property and provides you with peace of mind about the house’s condition and structure. Since buying a house is likely to be one of if not the biggest purchase you’ll ever make, it’s important to know that you’re making the right choice.
- Negotiation – You’ll also be provided with a valuation that you can use to your advantage when negotiating a price with the seller.
No matter whether you’re buying your first or fifth home, or are purchasing a newer or older property, investing in a homebuyers report or one of the other property surveys available to check for issues and provide you with more information on the property is always worth it.