How a Homebuyer Survey reduces risk when buying a house
24 June 2013
They say nothing is more stressful than moving, but choosing the home to move into cannot be far behind. There are so many considerations to keep in mind when it comes to buying a house. You can’t be expected to know everything there is to look for, and the last thing you want is to move into a new house only to find it is not quite as perfect as you first thought. Viewings don’t give you all the facts you need to make an informed decision.
Here’s how you can reduce the risk when buying a house with a RICS Homebuyer Survey and help you be sure you are choosing the right place.
What is a Homebuyer Survey?
The survey is basically a simplified and shorter version of a building survey. Unlike a mortgage valuation, which only checks that the building you intend to buy is worth the money you want to borrow, a Homebuyer Survey inspects all the major areas of the home, rates them, and provides a valuation on the property.
Using a survey to reduce risk could save you a substantial amount of money by identifying problem areas. The survey consists of several aspects.
Inspection of major indoor and outdoor features
This covers things such as the roof, walls, bathrooms, windows, doors, pipes and guttering on the inside or outside of the house. The condition of each of these will be evaluated and rated in the report, with a score of three signalling that the area in question is in urgent need of repair. Areas rated one are in need of no further action.
This way, the survey to reduce risk allows you to quickly see what extra work would be required on the home. This helps you avoid hidden costs that could otherwise surprise you after you have moved in, and gives you a more accurate picture of how much work the house needs.
Identify areas requiring a legal advisor
Using a survey to reduce risk can identify any particular area of the home could potentially cause a legal issue. The report will highlight these for you and recommend that you consult a legal advisor on the matters in order to get their professional opinion on how the situation needs to be remedied. This saves you from discovering later on that there is a problem with your home that is now your responsibility.
Valuation of the property
The report will also give the surveyor’s opinion as to the value of the property. As well as for your own consideration, this is also information that your insurance company may want to know.
Save money with a Homebuyer Survey
Getting your future home surveyed by a professional can actually save you time and money. Using a Homebuyer Survey to reduce risk makes you more informed about the property you wish to purchase, as well as protecting you from unexpected costs and legal issues.