Reasons why a home survey is a good investment
Buying a property is a big decision and there are plenty of things you need to think about before you sign on the dotted line to complete the deal.
Finance will no doubt be at the top of the list of things to bear in mind. When you’re buying a property, the asking price is not the only thing to consider. Stamp Duty, legal costs, mortgage arrangement fees and other extras can add a significant amount to the purchase price, and it would be understandable if you want to find ways to cut your costs to keep your budget on track. But getting a home survey done is a corner you shouldn’t cut. In fact, the opposite is true. Investing in a home survey can help save you a lot of money – and heartache – in the long run. Here’s why…
Why do I need a home survey?
Getting a home survey done on the property you’re interested in makes a lot of sense. Your home is probably going to be your most expensive asset. So, before you make the final decision to buy, it’s important to be sure that there are no hidden issues or potential pitfalls that could cost you money in the long run.
A home survey will give you the peace of mind of knowing that there are no nasty surprises around the corner that will cost you a fortune in repairs at a later date. It will help highlight any potential problems that could affect the property’s value or cause a major headache to put right. You can then negotiate a better price or insist the seller make them right before you go ahead and buy.
And if your home survey flags up any potential issues and you have negotiated a price you are comfortable with, it will enable you to plan your finances to ensure you can afford to get the repairs done within a timeframe that suits you. These are the main areas that getting a professional home survey done can help with. Some other benefits include:
Regulated and unbiased
Chartered surveyors are regulated by the Royal Institute of Chartered Surveyors (RICS), the surveying industry’s professional trade body.
RICS has a strict code of conduct and holds all of its registered valuers and surveyors to a set of professional standards that govern the service they provide and how they handle customer complaints.
RICS registered surveyors are impartial and unbiased, meaning they can give you a view on the property in question that’s independent of estate agents or mortgage lenders. RICS surveyors are also required to hold Professional Indemnity Insurance. This covers the buyer should they suffer a loss due to an error, unintentional or otherwise, made by the surveyor.
An independent valuation
Related to the above, a RICS registered surveyor will provide you with an independent market valuation of the property you are interested in. They will do an in-depth assessment of the overall condition of the property and highlight any issues that may affect its value and compare it with similar local properties to give a much fairer market value. Home surveys are usually much more in-depth than standard mortgage valuations, which lenders use to help them decide whether or not – and how much – to lend.
An expert opinion
Surveyors are expert property advisers. Most are qualified to the highest professional standards and are highly experienced, meaning they have a vast knowledge of the property market and can spot underlying or hidden issues which your estate agent or mortgage lender may miss. A home survey from a RICS registered surveyor will give you the peace of mind of knowing that the value of the property you are interested in is fair and that any potential issues or problems will have come to light prior to purchase.
