Buyers often think that the cost of a property survey is adding an unnecessary expense to an already very expensive time. However, just how many buyers would feel confident investing in a car without it having an MOT or service documents? Research completed by the insurance firm Churchill showed that on average in the UK only 25% of all homeowners buy a property survey because of their new home. However, figures show that 56% of these that had major building works carried out on their property after discovering pre-existing issues, said that if they had recognized the faults in advance it would have influenced their decision to buy the property. Just like with many second-hand purchases, it really is useful to know the prior history and overall condition before you buy.
1. A mortgage valuation does not benefit the homebuyer
A valuation informs the lender of the value of the property they're lending against, to verify whether the property will probably be worth what you are paying for it. During the valuation (usually significantly less than 20 minutes long) characteristics of the house including significant defects which can have an impact on the property? Valuation Surveyor Thames Ditton are taken into account, however, the valuation scope doesn?t explore common issues such as for example damp, dry rot, subsidence, in just as much detail as a survey. Additionally it is worth noting that the lender does not have to reveal the valuation are accountable to the homebuyer.
Traditionally, a surveyor could have visited the house to compile the valuation report. However, nowadays, most valuations are completed remotely as desktop valuations. Desktop valuations do not require surveyors to visit the property, but instead depend on recent sales data, which is all gathered online and remotely.
2. Surveyors will take an objective and impartial look at a home
All our surveyors take an impartial view when inspecting a house, which alongside their wealth of skills and experience, ensure it is more like that they will manage to spot problems a buyer may not notice. While the average home buyer spends 35 minutes viewing a potential property before making a decision whether or not to purchase it, our surveyors will spend at the least two hours inspecting the property (with respect to the size). Our surveyors may also go in areas which you may not visit before relocating, including the attic!
3. Save yourself a costly bill down the road. If you can?t afford a survey, will you be able to afford any surprise repairs?
According to the Royal Institution of Chartered Surveyors (RICS) buyers who didn?t get yourself a survey faced normally �5,750 worth of repairs when they moved in and 17% of the ended up paying more than �12,000 normally to make their homes habitable. Ask yourself, when you can?t afford the price of the survey, can you afford the hefty cost of house repairs down the line?
4. Find issues and address the impact with contractors before you commit to purchase and sign any contracts
Should the surveyors encounter any defects that want expensive repairs, it doesn?t automatically mean you shouldn?t choose the property. If the seller not wish to address the reported issues, you could utilize the report as a renegotiation tool, requesting the price of the property to reflect the price of the repairs. By decreasing the price, you will have the amount of money to accomplish the repairs by someone that you choose. Our digital home buyer report, Digital Home Survey, lets you send issues reported in the survey directly to your contractors, for a quick estimate of work.
5. Your surveyor could have a broad knowledge of known issues inside your chosen area and any local risks
We realize that local knowledge matters. Our team of RICS surveyors will have a broad knowledge of your chosen area, types of local property, and issues to check out for, such as past flooding or potential risk, proximity to pylons, overhead cables and electro-magnetic fields, current or past underground mining.