The importance of a Homebuyer Survey for older properties
A Homebuyer Survey is crucial when buying any property, particularly older ones. Identifying common issues affecting these buildings (such as subsidence or old wiring) could save you tens of thousands of pounds.
Ensure you know exactly what you’re getting into before you complete the purchase. That’s where Homebuyer Surveys can help. This article explores just that.
What is a Homebuyer Survey?
A Homebuyer Survey is a type of residential survey. It’s a framework set out by RICS, the Royal Institution of Chartered Surveyors (the UK’s governing body).
A chartered surveyor will head out to the building in question during a Homebuyer Survey. Most times, this occurs during the buying process. Still, some homeowners instruct surveys as part of general maintenance or when they come to sell.
The chartered surveyor then produces a report based on their findings. It’s up to you to decide how you want to proceed.
We now refer to the Homebuyer Survey as a Home Survey Level 2. This renaming came about as part of RICS’s quest to clear things up for customers.
The Level 2 (Homebuyer Survey) includes a detailed look into the home’s condition, but it sits below a Level 3 (once known as a Structural Survey), where the structural integrity is investigated in more detail.
What problems do Homebuyer Surveys find in older properties?
Homebuyer Surveys are vital in all circumstances. Without them, it might be difficult to identify issues, never mind treat them. You’ll also know how they affect the home’s value and safety.
This is especially prevalent in older properties. The greater the time a building has been standing, the more it’ll be affected by general wear and tear, outdated regulations, old-fashioned construction methods, and so on.
Here are some of the most common hidden issues in older properties:
- Subsidence – historic properties have been standing for a long time and thus are naturally likely to suffer from subsidence. They sometimes also have degraded foundations.
- Deteriorated materials – again, an older property will see more deterioration solely because of its age. Wooden beams or frames, and mortar or pointing, are two of the most crucial things to watch for.
- Outdated wiring – in general, any property more than a couple of decades old should have its wiring inspected. Problems can arise from high-wattage appliances connected to a low-current circuit or one without a sufficient fuse. In severe cases, you could even see an electrical fire.
- Woodworm – beetle larvae burrow through the wood, consuming its cellulose and leaving it brittle. It’s difficult to spot the signs until the damage is already done.
- Damp – older properties often don’t have the same modern ventilation techniques, making them more susceptible to moisture. This could lead to wet rot or dry rot.
How a Homebuyer Survey saves you money when buying an older property
A Homebuyer Survey involves the chartered surveyor checking for all these hidden problems and more. Knowing about them means you can ask the seller to repair them before you buy the home or reduce your offer proportionally.
It’s also worth mentioning running and maintenance costs. Older properties are typically more expensive to run because they need more repairs (and these jobs are often significant).
However, high ceilings, single-glazed windows, old insulation, old appliances and general home design features can make older homes particularly cold. As a result, you need to spend much more on heating or pay to switch everything out.
A Homebuyer Survey also helps you identify this and understand if you’re prepared for that cost (financial and time-wise).
GB Home Surveys can help
We love historic properties. There’s nothing like walking through a slice of history, wondering what’s gone before you.
But it’s sensible to take precautions. A Homebuyer Survey is the best way to ensure you don’t get stuck in an expensive property you can’t afford to run or renovate.
Our teams of chartered surveyors are based in regional offices in the West Midlands, South Wales, and the South West. We’re proud to offer local RICS-approved services, offering unparalleled know-how based on the area’s market.
Learn more about the Homebuyer Survey or discuss whether a Home Survey Level 3 (Structural Survey) might be more appropriate by getting in touch via the form below. We can’t wait to hear from you.
