The pitfalls of not getting a home survey
Buying a property is one of the biggest financial decisions you will make. Whether you’re a first-time buyer or have been on the property ladder a while, buying a home always represents a significant investment. So, before you enter any purchase, it’s always advisable to do your homework and gain a better understanding of the property in question, so you can proceed on the deal with confidence.
Getting a home survey will stand you in good stead. It will give you an expert view of the property’s condition, provide you with a fair and accurate valuation and uncover any hidden issues that can lead to headaches further down the line. In a previous blog, we’ve looked at some of the reasons why you need a home survey. Here, we focus on some of the pitfalls of not getting one.
Why do I need a home survey?
Your home will probably be the most expensive asset you buy, so getting a home survey before you sign on the dotted line makes a lot of sense. After all, it’s important to be sure that there are no hidden issues or potential problems that could cost you money in the long run before making the final decision to buy.
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 in the future. 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.
It can even give you the information you need to walk away from the deal if you’re not prepared to take a gamble on a property that has any potential issues uncovered by a home survey. In short, if you’re buying a property, you’ll want to do so with your eyes wide open. There are many benefits to getting a home survey and being armed with all the information about a property up front. What’s not so clear, though, are some of the drawbacks of not getting one. Here, we take a closer look at the most common:
An expert view
A home survey carried out by an expert RICS registered surveyor will give you an independent and impartial view of the property you’re interested in by an experienced and qualified professional. Most surveyors have knowledge and expertise built up over many years and understand the local property market. They will know what to look out for and often spot issues that estate agents, sellers and mortgage valuers miss. Why would you not want to benefit from that kind of expert view before you buy?
A home survey is far more detailed than a simple mortgage valuation and is designed to give you a more accurate idea of the value of the property you’re interested in. A mortgage valuation is simply the measure that a lender will use when deciding how much to lend against the property and how much risk is involved. A home survey, in comparison, will consider a more comprehensive number of factors to give you a more accurate assessment of the property’s value. It’s important to remember that just because the seller or estate agency says the property is worth the asking price, it doesn’t mean it is. There may be hidden issues that bring down its value, or it may have been overpriced. A home survey will help uncover the actual value and save you from paying over the odds.
If the property you are buying has any defects or structural problems that you weren’t aware of before buying, you could be left facing a hefty repair bill after the deal is completed. A home survey can help you avoid an expensive headache. An in-depth inspection by an expert surveyor will help uncover any hidden defects or issues that may have gone unnoticed either by yourself when you were viewing the property or by the seller, vendor or mortgage lender.
Renegotiating the price
If you are aware of significant issues with the property you are interested in buying but don’t have the expert, impartial view that a home survey can provide, you may find it difficult to negotiate on the asking price. The whole purpose of a home survey is to uncover any potential problems with the property in question and assess whether its price reflects its value. With a home survey, you’ll have a detailed record of any issues or remediation work that may need to be carried out. This information can be crucial in negotiations or if you need to insist that the seller rectify any problems before you buy.
Peace of mind
Like we said earlier, a home survey will give you all the information you need to buy a property with your eyes wide open. It will give you confidence and peace of mind that there are no potential problems, remove any uncertainties or doubts you may have, or set your mind at ease. Once you have all this information to hand, you can make an informed choice about whether it’s the right property for you. While getting a home survey is not a mandatory requirement, it’s an essential investment if you are worried about any issues that could come back to bite you further down the line. Spending a few hundred pounds on a home survey now could save you much more money – and heartache – in the long run.
Let GB Home Surveys help you make the right choice
At GB Home Surveys, we offer a different approach to getting a home survey. Our service is convenient and hassle-free. It will provide you with all the information you need to make the right choices. We’re an independent, RICS regulated chartered surveyors and have provided trusted services for almost 30 years. All our surveyors are RICS registered valuers and have vast local expertise and specialist knowledge, so you can be sure you’re getting the best advice to help you buy or sell with confidence. We can tailor our home surveys to your exact requirements. If there are any specific issues you would like us to inspect, please let us know. For a free initial consultation and a no-obligation quote, give our friendly team a call today to discuss your requirements.