When it comes to buying a property, ensure you get the best possible deal with a survey...
Buying a property may be the most expensive purchase that you ever make, and there are some aspects of the process which should be carried out to the highest possible standard. Surveying is one such aspect.
A survey is effectively a ‘property health-check’ that gives you an independent view of its current condition and indicates any potential problems the property may have going forward. The information you receive and the decisions you make as a result of your survey will affect you for years to come. Here we look at some of the ways that a surveyor will save you money and time when buying a property.
A full and independent overview
The mortgage valuation is a report commissioned for the lender to assure them that there is enough equity in the property to guarantee the loan. Unfortunately, the lender is not obliged to share this information with you (despite you paying for it).
To fully understand what you are buying, a survey is needed. It gives an independent view of the value of the property without sentimentality or any grand notions. This will assure you of your decision and can also give you a roadmap of what you need to attend to.
Avoid unexpected costs
Having to sacrifice plans for new furniture, white goods, or flooring to have to pay for unplanned repairs or renovations to the structure of your property is a nightmare scenario.
Despite this, it’s a common occurrence and is something that can be easily avoided by carrying out a proper survey.
Lower the asking price
A RICS surveyor will find any faults in your prospective property during the buying process. This will allow you an opportunity to get an estimated cost for any repairs and negotiate down the asking price. At the very least, it will help you to make a realistic offer based on an expert's opinion.
Added peace of mind
If it comes to light after you have purchased that the surveyor hasn't reported something to you that they should have, then you may be able to recover damages from them. This will all be detailed in the Terms and Conditions you sign before the survey is carried out.
Protect against long-term damage
Apart from the fact that having to make unplanned renovations or repairs can be costly and inconvenient, having to live in a home that is in poor condition can be deeply uncomfortable.
Living with damp, a leak, woodworm, asbestos, bad electrics, broken central heating or any other imaginable fault can make life frustrating and complicated. A survey offers you some protection from this kind of occurrence. If there are any issues, you can be made aware of them going into the purchase rather than finding out afterward.
