Worryingly, a mortgage broker study found that as many as eight in ten people buying a new home did so without commissioning a home buyers survey. A home buyer’s survey is a non-intrusive visual inspection of a property. During a home buyers survey, a property surveyor inspects all visual areas of a property before creating a report on the home’s condition, highlighting any defects they have seen.
If you’re in the process of buying a home, check out the document below. In this article, we will discuss some of the important reasons why you should consider hiring a buildings surveyor before purchasing a property:
1. They Offer a More Detailed Survey
Many people think they don’t need a homebuyer’s survey (or RICS survey) as their mortgage provider has already given them a valuation for their property, but this isn’t entirely true. While mortgage companies send out property valuers to value a property, these valuers only get a price for lending purposes; they do not assess the condition of a property. You will need to hire a property surveyor to get a more detailed property valuation.
2. It Can Save You a Costly Bill Down the Line
According to a RICS surveying company, people who chose not to hire a surveyor had to fork out a whopping £5,750 more in repairs than those who chose to pay for a survey, but why is this?
Property surveyors highlight any defects with a property which may not be evident to you when you first viewed the property. On top of this, they have much more experience spotting things like structural damage, problems with the roof, and wet or dry rot. These problems often worsen over time and can be expensive to repair when you move in.
3. They Can Help You Get a Better Price for a Property
If your surveyor RICS finds faults with the property you are buying, it doesn’t necessarily mean you should pull out of the purchase. Instead, you should consider asking the seller to reduce the price of their property or ask them to fix any costly problems before they sell.
4. It Can Help Give You Peace of Mind
Buying a property is one of the most expensive things you will ever do. Due to this, you must carefully choose which property you want to invest in. One way to tell whether or not a house is worth investing in is by hiring a chartered surveying company to conduct a homebuyer’s survey. While surveys aren’t free, they give you the peace of mind to know you’re investing in a good property.
5. Surveyors Understand Known Issues within the Local Area
When it comes to property, local knowledge matters, so if you don’t know the area well, it’s essential to hire a local surveyor. For example, if you are considering buying a house in Norwich, you should hire a house surveyor in Norwich or surrounding areas. Local surveyors are much more likely to have an in-depth knowledge of the local area, the types of property, and any issues homebuyers should look out for, such as past flooding. This information can help you decide whether to proceed with the purchase.
As mentioned above, almost eight in ten people choose not to have a survey before buying a property. However, as you can see from the information above, there are many benefits to getting a survey. Not only can it help you get a better price for a property, but it can also save you money in the long run.
Also read: Selling a Home with Liens or Legal Issues? Cash Home Buyers Can Help
