When you buy anything, whether it’s a new home, a new car or a new item of clothing, of course you want to know you’re getting the best deal, and so can be confident in your purchase. Sometimes, it’s even worth paying a little more to be sure your investment is right!
Buying a property in Leicester is likely to be one of the biggest investments you will ever make, therefore, spending a little more and instructing a Homebuyer Survey on the property you are looking to buy can help protect you from a bad investment and can even give you greater negotiating power.
What is a Homebuyer Survey?
There are several types of Homebuyer Surveys, but generally speaking, they consist of a detailed report outlining the condition of a property. The homebuyer Survey will detail if there are any problems with the structure of the property and if there are any major issues or necessary repairs.
Who Carries Out a Homebuyer Survey?
Two institutions carry out Homebuyer Surveys. One is the Royal Institute of Chartered Surveyors, and the other is the Residential Property Surveyors Association. When choosing a surveyor, you should choose one that is local and reputable, and if you are looking at a unique building, for example a historical or listed property, then choose a surveyor that specialises in that building type.
Do I Need a Homebuyer Survey?
You don’t legally need a Homebuyer survey, but if you want to make sure that there are not any underlying issues then it is best to get one! You can use the survey to ensure you are paying a fair price for the property.
What Type of Properties Should I Always Get Surveyed?
Old, unusual, and homes that have visible issues should always have a survey conducted on them. You should also get all listed properties surveyed. Of course, all homes can potentially have issues, and to be absolutely certain of your purchase it is always wise to get a Homebuyer Survey conducted to ensure your investment is a good one. If you don’t, you could run the risk of being stuck with expensive repairs.
Types of Surveys
There are multiple types and levels of surveys, including an option for new builds. Though they are an extra expenditure, especially for a property you may not end up buying, they can also save you thousands of pounds in repairs.
Condition Report (£300)
This is a basic report that does not include advice or valuation. Instead, it will document the home in a colour scheme. Green is good, yellow means minor improvements are needed, and red means immediate repairs needed. This type of survey does not include recommendations.
Homebuyers Report (£350 to £450)
This is the most popular type of Homebuyers Survey, as it offers a more in-depth report at an affordable price. You can either have just the survey done or have a survey and valuation done. A valuation is good to have to share with your mortgage lender and to help put you in a place of negotiating power.
Home Condition Survey (£400 to £900)
Home Condition Surveys are not offered by the Royal Institute of Chartered Surveyors like most, they are instead offered by the Residential Property Surveyors Association (RPSA).
This is a comprehensive survey that includes structural status, damp assessment, boundary issues, broadband speed and more. It’s a great choice, particularly if you want to assess your potential purchase objectively as it goes into detail beyond structural integrity and also includes living conditions. The price will reflect the size of the property, but the cost is easily justified if it helps you be 100% confident in your decision.
Building Survey (£500+)
A surveyor will check behind walls, under floors, in attics and beyond to suss out any structural damage. From this, they will then create a comprehensive building report. This is absolutely recommended if the property is old, appears damp, has hairline fractures, or you want to be 100% confident in your purchase.
New Build Snagging Report (£300 to £600)
This report is available for new builds. When possible, try to have this type of report done before you move in, and if that is not possible, get it done as soon as possible. The report will cover everything from misaligned doors to other improper build inclusions.
Though it is not a legal necessity, a Homebuyer Survey or report on the property you wish to buy in Leicester can help you become completely confident in your decision, so should always be considered.
For more advice on all types of property related surveys and reports, contact the team at Knightsbridge Estate Agents today.