The Importance of Having a Survey
Buying houses is very expensive so it makes sense that people try to save money by not having a survey done. Because mortgage companies conduct very basic surveys before lending money, some people think this is adequate. Sadly, it isn’t and not having a survey done can be far more expensive in the long run than having one. Here are some of the reasons why it is so important to have a proper survey done before buying a property.
Leverage in Price Negotiation
A mortgage provider’s survey is designed to reassure the lender that the property will be worth enough to pay the mortgage off if the borrower stops paying. It is not very thorough so won’t reveal any of the potential issues which a buyer could potentially use to renegotiate a cheaper price with the seller. Getting a proper buyer’s report, especially one with a valuation, can be a great tool for lowering the asking price to make it easier to afford any necessary remedial work suggested by the survey.
Avoiding Future Expense
Full building surveys – or Level 3 RICS home surveys, as they’re also called – can reveal serious issues with a property that a lenders’ survey wouldn’t find. Not only can they identify potential problems and their cause, they can tell you what is required to correct those defects and even what it might cost. These kinds of surveys can also give you an idea of the consequences of not addressing the issues and if other issues are likely to occur in the future. This means you can be fully aware of likely future expenses if you decide to invest in that property.
Knowing What You’re Taking on
Even if a survey doesn’t find something that stops you wanting to buy the property or knock the seller down in price, it can give you a detailed report on exactly what is needed to resolve defects with the property. In addition, if you’re planning a major renovation or big changes to the property, a thorough survey will give you an idea of what you’re dealing with before you begin work. This is a very useful tool in planning future work and can save a huge amount of money by letting you or a potential contractor know what is possible and what isn’t before work begins. Level 3 home surveys are particularly important to have done if you are considering buying an older property or one in a state of dilapidation so you are fully aware of the scale of the project you are taking on.
Obviously, as a surveyor, we are going to say that you should have a survey done but it really is the best way to avoid nasty shocks after you’ve bought a property. It may feel like an extra expense but it can allow you to knock tens of thousands of pounds off the asking price in some cases and/or save you tens of thousands of pounds in remedial work on the property. If you would like to talk to Marc about any aspect of surveying, please get in touch on 01273 281624 or email firstname.lastname@example.org.