How a home survey can help you avoid buyers’ regret
Buyers’ regret – that sinking feeling when you find a major issue with your new home – is a tough situation for anyone to find themselves in.
In the moment, it can feel somewhat hopeless.
A home survey is an inspection of a property you might be interested in purchasing. It involves a trained professional spending a few hours combing over the finer details of the house and providing you with a detailed report on its value, condition and the repairs that need to be done.
So, how can a home survey help you avoid the dreaded buyers’ regret?
What is buyers’ regret?
Buyers’ regret is when you conclude that you made a mistake by following through with the exchange after purchasing a new home. It could be for a variety of reasons.
- You find substantial issues with the building itself. These could be things such as woodworm, rot or roof leaks. Because of this, you’ll need to invest a considerable amount of money into repairing the damage – or resell.
- You notice similar nearby properties selling for substantially less than what you paid.
- You realise you’re living in a not-so-nice area.
- You find notable issues with mains services (such as water, sewage or electrical).
A home – or, more specifically, a mortgage – is likely to be the most significant investment of your life. It takes a lot of hard work for a person to be approved for one. A home is also often a considerable emotional event; moving home can be incredibly stressful, and you’re pinning all your hopes on having someplace to call your own. That’s why, when buyers’ regret strikes, it genuinely hits hard.
Buyers’ regret is by no means felt by everyone. Many people come away with their new home full of happiness and satisfaction. However, it’s certainly something we all want to avoid at all costs.
What is a home survey?
We mentioned home surveys in the introduction to this article, and here’s a little more detailed information about them.
They involve a surveyor heading out to inspect a property – usually one that’s currently on the market. Home surveys are almost always organised and paid for by the prospective buyer. After the surveyor has been instructed, they’ll arrange an appropriate time with the home’s current owner.
Once the surveyor arrives at the property, they’ll begin conducting the survey.
What different types of home surveys are available?
There are three main types of home survey:
- Valuation– this is a basic overview of a property to estimate its market value. These are important for both you and your mortgage provider to know that you’re paying the appropriate amount of money for the house in question.
- Home Survey Level 2 – a step up from the valuation, a Home Survey Level 2 covers substantially more detail. It includes a more in-depth look at the property’s condition and any repairs that might need making (as well as everything included in the valuation). A Home Survey Level 2 is usually appropriate for the average home in relatively good condition.
- Home Survey Level 3 – this home survey provides the most information of them all. As well as everything found in a Home Survey Level 2 and valuation, it has a particular focus on the property’s structure. A Home Survey Level 3 is generally used for historic properties, renovations or houses that have clearly had a lot of work done.
Home surveys are regulated by a governing body called RICS – the Royal Institution of Chartered Surveyors. Any company operating under RICS is subject to strict quality assurance and professional conduct regulations. Importantly, they’re also insured, so you have peace of mind. Read more about RICS and how it regulates surveyors here.
For more information about the appropriate survey for you, you’re very welcome to check out our website page dedicated to this job. Alternatively, you could contact us by email or phone.
How can a home survey help you avoid buyers’ regret?
During a home survey, the surveyor will check the property’s condition, value and immediate surroundings. They’ll highlight any issues they find, ranking them by how important they are to get done and give their independent valuation.
As such, a home survey helps to establish any problems you might encounter early on. It means you know what to expect and shouldn’t be surprised by any sudden discoveries.
The results of a home survey won’t necessarily always be good. The surveyor may find a wealth of potential issues, which may – in some cases – lead to a decision to abandon the purchase.
Whether you continue with it or not, the home survey will have helped you to avoid buyers’ regret. The inspection will give you confidence and reassurance in the condition and value of the home.
If you’re worried about a property you’re considering buying, it might be worth instructing a surveyor to complete a RICS home survey. Here at GB Home Surveys, our surveys and surveyors are all RICS registered. To get in touch, you can contact us by email (firstname.lastname@example.org) or phone (03333 600 685).