Buying a home is one of many people’s most important life milestones. Since it is such an important decision, you need to ensure that you get a home that will not give you headaches but instead help you settle down with your family peacefully. Before buying a home, you should have a home buyers survey done by a reputable chartered surveying company. There are many reasons for this, but the main one is that it will help you save money in the long run.
What is a Home Buyers Survey?
Property surveyors do a level 2 home buyers survey to find and document property damage that might cause the buyer headaches and cost them money down the line. Some of the most common problems a homebuyer survey identifies include rising damp, structural issues, and subsidence.
You need to know where these issues exist. If they do and you do not know about them and end up buying the home, you will have to incur the cost of rectifying them. Depending on the damage extent, it might cost you tens of thousands to fix the issue.
If you spend that kind of money repairing a home you just bought, it was overvalued, and you just lost money on that transaction.
What to Do In Case of Issues?
You can do a few things if a homebuyer or building survey identifies serious issues. First, you can renegotiate with the seller to subtract the estimate of the repairs from the selling price. Many people will not like this option because they still have to do the repairs themselves after moving in.
The second option is asking the seller to make the repairs and organise another inspection before going further. Doing this removes the responsibility from you and places it on the seller. Once the repairs are done, you can get property surveyors and property valuers to do a new appraisal so you know what you are paying for.
The third option is walking away. Rethinking the purchase is advised if the damage is too extensive and you do not want to incur the cost of repairing it yourself or do not trust the seller to do the repairs properly.
Types Of Home Buyer Surveys
There are several options if you need a survey and are unsure which one you need. When you hire a reputable house surveyor in Norwich, they typically give you three options; a condition report, a level 2 homebuyer survey, or a level 3 building survey.
A condition report is for bungalows or flats that are in reasonably good condition. A homebuyer survey checks the condition of properties but does not typically check under the floors or behind the walls.
Building surveyors can also do complete building surveys, which are more detailed and in-depth than home buyer surveys. The reports generated from these surveys also document repairs, defects, and maintenance options.
All buyers should complete a home buyer survey before completing a home purchase. These surveys will save you money in the long term and give you peace of mind knowing the property you just bought is in excellent condition.