When buying a property, you should be thinking about having a home buyers survey carried out. Not everyone understands the importance behind this and may even be left questioning what it is.
What is a homebuyers survey?
A home buyers survey is an assessment of a property that identifies significant issues for the prospective buyer of the property. They’re conducted by chartered surveyors, who will visit the property, carry out an inspection, and prepare a homebuyers problem report outlining any problems, in detail, they’ve found. Homebuyers usually have a survey done on a property after they’ve had an offer accepted. If you want to know in more detail what to expect, it’sits worth requesting a homebuyers report example. One main question that people have is ”how long will it take?”, it usually takes 1-2 hours to complete a homebuyer survey, and most surveyors are happy to talk it through with their client.
Types of house survey
There are two accrediting bodies for surveyors; the Royal Institution of Chartered Surveyors and the Residential Property Surveyors Association. It’s essential to make sure the surveyor that you use is a member of one of these.
There are several different types of surveys. Which one you choose to use will depend on the depth of the survey you want and your budget. The most basic survey you can have is a condition report; it doesn’t go into much detail so that you may have questions, it sits usually used to complement the value of the mortgage and won’t offer any advice. A homebuyers report is a more in-depth survey and the most popular; it will highlight any significant problems such as rot, subsidence, etc. You can choose whether to include a valuation of the property.
Who organizes a survey when buying a house?
Having a homebuyers survey is an essential part of buying a house. It can determine whether the property is worth the offered price. Usually, whoever requests the survey is the one who must organize it. In the majority of cases, the buyer will arrange a property survey after their offer has been accepted.
Usually, when having a mortgage, a simple valuation survey is required to determine the actual value of the property. The mortgage lender will often arrange this as they will have a trusted chartered surveyor who they prefer to use.
It’sIt’s not uncommon for the seller to arrange their own survey so that they can compare reports and results, and in turn protect their asking price. Whether the mortgage company or the seller organize a survey of their own, it’s recommended that the buyer arranges their own survey as the report is ultimately the decision-maker over a large purchase.
Homebuyer survey; Is it worth it?
Some buyers get nervous about a house survey; however, it’sits an excellent way to save yourself from future expenses and give you negotiation power over the price of the property. You don’t want to make a large purchase to late find that you have unexpected costs due to hidden problems that could have been easily identified from having a homebuyers survey.
If you require a survey, contact H McPartland & Sons today in Lurgan or Lisburn to have a chat with a member of our team at 028 3832 2452 for Lurgan or 028 9267 0325 for Lisburn.