What happens after a Homebuyer Survey?
A Homebuyer Survey is a RICS home survey. It’s the most common type and suited to most buyers and reasonable properties. These days, we technically call it a Home Survey Level 2.
After the Homebuyer Survey inspection is complete… what then? How long will it take before the report reaches you? How should you proceed after that?
GB Home Surveys always strives to get your report to you within seven working days. We’ll include our advice, but ultimately, what you do next is up to you.
If you’re curious, here’s what might happen after your Homebuyer Survey.
How long does it take to receive my Homebuyer Report?
A Homebuyer Survey involves the chartered surveyor (a RICS member) inspecting the property in question. With years of experience and a highly trained eye, they’ll look over it from top to bottom, noting the conditions of every element they come across.
This involves photographs, notes, measurements and any other relevant observations.
After they finish their inspection, they’ll sit down to produce a report based on their findings. This is often called the Homebuyer Report. It’s based on a standardised document from RICS, the UK’s governing body for chartered surveyors, so it’s clear and straightforward to read.
The chartered surveyor should have your report to you within 14 days – this is the maximum acceptable amount of time set by RICS. Expect to receive it as a PDF to save paper, money, and postage time. At GB Home Surveys, we’ll always aim to get your report to you within a week.
How to negotiate with the seller after a Homebuyer Survey
We find many homebuyers never renegotiate after a home survey because they simply don’t know how to. Perhaps they’re uncomfortable or embarrassed.
Our first tip is to not worry. Take it one logical step at a time.
It’s cliché, but a house is the most significant expense of your entire life. A Homebuyer Survey helps mitigate that by providing the information you need about the building. The cost implications are usually the most significant aspect of this.
Here’s a very basic step-by-step guide to what to do if you want to negotiate a lower price after a Homebuyer Survey:
- Talk to your chartered surveyor after receiving the report. Ask them to guide you through what they’ve found and what it means for you.
- Get quotes for repair or remediation work from local contractors. Note that, as an optional extra, you could instruct the surveyor to do this for you.
- Compile your findings into a comprehensive report. (Getting the chartered surveyor to do this is a simpler step.)
- Choose from one of the following:
- Pull out
- Speak to the vendor and/or agent and can get the work done before purchase or the vendor make reduce the price to help with the costs.
- Go into the purchase with your ‘eyes wide open’, knowing there are issues and knowing there are things that will need doing. You could also obtain quotes for the works so they can plan for the costs.
Should you proceed with the purchase?
Finally, let’s talk about whether you should proceed with the purchase.
You would only opt to pull out of the deal if you come across a deal-breaker of some kind. This ‘deal-breaker’ is different for everyone. Perhaps it’s an overly expensive repair; maybe the property is in such poor condition that it’s simply not worth your time. What about if a severe mould problem is found and your family contains a severe asthmatic?
Again, this decision ultimately comes down to you. We strongly recommend asking your chartered surveyor for advice. Remember, the more you tell them about what you need from a house, the more accurately they can suggest the best option.
Remember, you can pull out of the deal at any time before the contracts are exchanged. Ensure your solicitor knows what you’re doing and helps you take the proper steps.
How a GB Home Surveys Homebuyer Survey will help
Here at GB Home Surveys, we offer Homebuyer Surveys (also known as a Home Survey Level 2). The purpose is to identify lurking problems and compare the property value with your offer.
Sometimes, this highlights changes you should make to your provisional purchase agreement, such as your offer. Other times, they find hardly anything wrong at all. For these reasons, Homebuyer Surveys are always worthwhile because whether they identify any issues or not, you know what you’re getting yourself into.
Our employees work in local teams in England’s South-West and West Midlands, as well as the South Wales office. For more information on home surveys, why not contact us or check out our obligation-free Quote Calculator?
We can’t wait to hear from you.
