What is a home buyers survey? A mini guide.
What is a home buyers survey and why do you need one? Buying a home is a momentous moment for most people. It’s one of life’s biggest expenditures so you want to be sure you’re putting your money somewhere worthwhile. That’s where a home buyers survey comes in.
In a nutshell, a home buyers survey means you are hiring an independent surveyor to attend the house you’re interested in and inspect it for structural soundness and safety, as well as any legal issues it may have.
You can then use this information to help you understand any issues and if remedial works are required you can potentially renegotiate the purchase price, or you may decide the house isn’t for you after all.
Home buyer survey standards
The Royal Institute of Chartered Surveyors (RICS) is the professional body when it comes to surveys in the built environment and each survey will follow a set of standards dictated by it.
There are three levels of home survey: RICS Level 1, 2, and 3, the detail of the inspection increasing respectively. The RICS Level 2 Home Buyer Survey is the most common one and is suitable for most homes and the Level 3 Building Survey is more advisable for older properties and those that have been extended or altered.
Is a home buyers survey really worth it?
Now, when you’re buying a house it can be tempting to cut costs and skip out the survey altogether, especially when you’re on a budget. But in many cases, hindsight can be a wonderful thing and you don’t want to be stuck with a house you’ve put all your savings into and now can’t afford to put right.
“One client made back the price of the home survey tenfold by renegotiating the asking price following my report as well as a drainage contractor’s report. The property in question had structural movement, pointing to a potential problem with the drains. I stated a drainage contractor’s report was essential and the report highlighted several urgent actions to rectify defective pipework.” – Martin Shortt, RICS Home Surveyor.
So, a small investment in a home buyers survey before you put an offer in could save you a lot of hassle further down the line. It’s peace of mind that you’re putting your money into something that’s not going to rinse you in maintenance costs. Have a browse of these average house repair costs to get an idea. Dry rot, for example, could cost in excess of £9000 to put right!
A further benefit of hiring a home surveyor is you are getting a completely independent, honest and professional opinion. So, the power is in your hands, arming you with knowledge and evidence and giving you the confidence to make your decision.
Want to know more about the potential red flags a home buyers survey can pick up on? It’s easy to miss some of these things but a professional will spot them a mile off.
Photo credits: Header image by Andreas Weiland, Doormat by Andrew Neel, Empty wallet by Towfiqu barbhuiya, all on Unsplash.