If you are planning to buy a property, then it is absolutely essential that you get a HomeBuyers Survey before you exchange contracts.
Failing to do so could leave you immersed in a financial nightmare that could have been averted for just a few hundred pounds.
The top 5 reasons to get a HomeBuyers Survey are:
1 in 4 of buyers face £1, 000s in unexpected costs: According to the RICS (Royal Institution of Chartered Surveyors), 25 percent of home buyers who do not carry out a HomeBuyers Survey are forced to carry out unplanned works to the property after purchase. The average repair costs are more £1, 800 but can run into the tens of thousands if serious remedial work is required; e.g. underpinning.
Can be used to justify a price re-negotiation when expensive defects are discovered: Your RICS Chartered Surveyor will uncover any defects in the property, which will enable you to use an estimated cost of repairs to negotiate money off the purchase price or even re-think the purchase. A survey will also offer advice on urgent faults to the buyer's legal advisors.
It helps you make the right offer in the first place: It will help you budget for any necessary repairs. This will inform the offer you make.
Gives you an independent and professional view of the property's value: A HomeBuyer Report will give you an independent view of the value of the property. The Mortgage Valuation is commissioned for the lender in order to assure them that there is sufficient equity to cover the loan. Furthermore, the Lender is not obliged to give you a copy of the Mortgage Valuation Report even though you pay for it!
It's like having a cheap insurance policy: A HomeBuyers Survey is like an insurance policy – if your Surveyor does not highlight problems that should be uncovered on the specific survey, you will be able to seek compensation.