Why a Homebuyer Survey is worth the investment
Homebuyer Surveys come with an upfront cost, but they typically save you far more than that. Even in the best cases, when your survey is completely clear, you’ll have the reassurance that an expert considers that home something well worth buying.
But it might feel like too much to organise. After all, you already have a lot going on as you move house. Is the financial investment and small time commitment worth it?
It’s absolutely worth it. This page explains (in short) why.
What is a Homebuyer Survey?
A Homebuyer Survey is an inspection carried out by a chartered surveyor (a RICS member or associate). They look over a property to find problems that might put you out of pocket – minorly or majorly – in the future. Finally, they produce a report, giving the commissioning client a complete overview of the condition of the building and its surrounding land (if applicable).
In most cases, Homebuyer Surveys are instructed by people buying homes. (The clue’s in the name.) However, other RICS home surveys, like the Structural Survey (aka Building Survey), could also be instructed by someone looking for their new house.
This slight confusion is one of the reasons RICS updated the titles of its standard surveys in 2021. A Homebuyer Survey is now officially referred to as a Home Survey Level 2. At the same time, a Structural Survey is now a Home Survey Level 3, and there’s a basic Level 1 option too.
The Home Survey Level 2 (Homebuyer Report) is what most people need. It’s perfect for homes built within the past few decades and constructed with standard materials and techniques. (If you need more detail, look for a Home Survey Level 3/Structural Survey).
Some of the common problems a Homebuyer Survey might pick up include the following:
- Rot
- Woodworm
- Damp
- Japanese Knotweed
- Subsidence
- Drainage issues
How much does a Homebuyer Survey cost?
Allocate a few hundred pounds for a Homebuyer Survey. This usually covers the following, although ensure you have a clear understanding with the company before instructing the survey:
- Research and deed analysis
- Organising the time and date of the survey
- Travel costs for the chartered surveyor
- The inspection itself, including all readings and measurements
- Your 47+ page Homebuyer Report (PDF)
- Further conversations and advice with your chartered surveyor
You might need to discuss a couple of optional extras with the chartered surveyor. These might include:
- The addition of a RICS Valuation as part of the survey.
- Repair cost estimates for the problems the chartered surveyor funds.
The overall cost typically depends on several factors, but predominantly the following:
- Home size
- Home value
- Home location
- The property’s overall condition
- How far the surveyor might have to travel
You’ll usually be able to get a quote from a chartered surveyor by simply calling or emailing.
Here at GB Home Surveys, we have a unique Quote Calculator. We only need the property information (most of which you’ll find on the sale listing). There’s no need to leave any of your contact information.
Follow the link to see how much we’d charge for a Homebuyer Survey for you. We’ll be sure to honour this quote.
Is a Homebuyer Survey worth it financially?
Getting a Homebuyer Survey is absolutely worth it financially. Here’s why.
As we mentioned, it’s best to allocate a few hundred pounds for the average Homebuyer Survey. While this might sound like a lot upfront, it’s peanuts next to the price of the house you’re interested in and even compared to the mortgage deposit.
For example, let’s talk about what happens if your Homebuyer Survey uncovers something like Japanese Knotweed in your garden. Although it depends on the severity, you’ll likely have to pay between £2,000 and £6,000.
But, whatever the remediation costs are estimated to be, it’s far more than the survey expense. You’re then able to take this information and go back to the seller, either renegotiating or asking them to foot the cost. Either way, you save much more than you spend on the survey.
When a home survey comes back perfect – no problems at all – you’ll at least have reassurance. In the risky world of buying a new home, this is well worth the money and gives you financially insured peace of mind that your home is in excellent condition (at the time of the inspection).
GB Home Surveys offers Homebuyer Surveys
A Homebuyer Survey typically saves you thousands of pounds. Even if nothing’s wrong, you’ll receive the type of reassurance you can’t get anywhere else. For investments this significant, that’s vital.
Here at GB Home Surveys, our chartered surveyors work in local teams. Everyone’s employed by our head office in the Three Counties, but we have dedicated regional experts in Bristol, Devon, Bath, the Cotswolds, Taunton, South Wales and Birmingham.
Are you looking for peace of mind and to potentially negotiate a lower price for a house? Then a home survey is for you. Instruct a Homebuyer Survey from us (or consider whether a Level 3 or a Valuation would be more appropriate).
Questions? Fire away. Our staff are always delighted to meet new people. We’ll have a commitment-free, friendly chat about you, your needs, and where we fit in.
Scroll down to the form below to drop us a message, and we’ll get back to you.
