Home survey myth-buster
Many myths exist about home surveys. No matter how they become mainstream, it’s essential to know what’s real from what’s made up. In this article, we’ll be going through four of the most widely believed home survey myths and explaining why they aren’t true.
Surveys are a waste of time and/or money
Some argue that surveys are a waste of time and money. We disagree. A chartered surveyor will have spent years training and building up their experience, spotting issues that the average person misses. Home surveys often uncover problems that save the customer thousands, whether in the moment or preparation for the future. As such, they often immediately pay for themselves. You could also use the information provided by a home survey to renegotiate a price, if necessary. Sometimes, people withdraw their offer completely, the home survey having saved them from buying a not-so-good house.
In terms of time, a home survey usually takes less than half a day to complete and can be done at the surveyor’s and seller’s earliest conveniences. You’ll receive your report less than ten days later. Here at GB Home Surveys, we aim to have the home survey inspection report back to you within a week. Home surveys aren’t a waste of time or money. Most people will save significant amounts having had one done. For those surveys that find a perfect property with nothing wrong, at least you have peace of mind.
Home survey reports are vague
Home surveys are done for the buyer – for you. All good surveying companies know this and put you first, meaning they’ll use as little technical jargon as possible and write everything clearly and concisely. Even if you’re struggling to understand a particular aspect of your report, you can always get back in touch with the surveyor to ask them for clarification. To this end, it’s in the surveyor’s best interest to make it as straightforward as possible. Remember, their job is to advise you in the best way. The more they put you first, the better the job they do – and the more business they get going forward. Home survey reports should never be vague. A surveyor should always rate the severity of any risks noted and how soon they’ll need acting on. You can use this information to make an informed decision. If you ever find a section of a home survey report you don’t understand, simply contact your surveyor. They’ll be more than happy to help.
Confusing home surveys with valuations
Some people don’t bother getting a home survey once they’ve had a mortgage valuation, mistakenly believing they’re the same thing. In fact, they’re very different. A valuation is a basic overview of what the property is likely to be worth. It considers simple factors such as the house’s age, condition, structure and the local area. By contrast, a home survey is much more detailed. They often include all the information you get from a valuation but go far deeper, too. Home surveys focus more on the property’s condition – what needs fixing, what needs maintaining, what problems should be addressed immediately, and that kind of thing.
Valuations are for the benefit of the lender, technically. They ensure that the amount you want to borrow is accurate to the value of the house. Home surveys are purely for your benefit, helping you make a decision on how to proceed.
All home surveys are the same
We can bust this myth straight away. RICS recently introduced a new framework to ensure that all home surveys were easy to understand – before, during and after the process. At GB Home Surveys, we offer the simplest choice of surveys. These are:
- The Home Survey Level 2 (formally known as a Homebuyer Survey)
- The Home Survey Level 3 (formerly known as a Building Survey)
The Home Survey Level 2 offers an excellent general all-around inspection of standard properties constructed using common materials. By contrast, the Home Survey Level 3 goes even further in-depth, with a particular extra emphasis on structural components. It’s more suitable for older, renovated, or generally more quirky houses. If you’re unsure which home survey is right for you, you’re welcome to get in touch with us. Alternatively, click here to be taken to the Choose Your Survey page of our website. You could also check out this Helping You Choose The Right Survey document straight from RICS.
How home surveys help you
Home surveys help you by giving you a much clearer understanding of a property’s condition. Qualified experts can spot potential problems quickly and accurately, noting them down for you. You can use this knowledge to decide what to do moving forward – whether to continue as you are, revise your offer or withdraw it altogether. It’s up to you, and the surveyor can assist you whenever you need some expert advice. In a sense, they provide a sort of risk-reducing viewpoint. Home surveys are vital during the homebuying process. If you’d like to schedule a free initial home survey consultation, please get in touch with us via email or phone 0333 360 0685.