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Homebuyer surveys – what you need to know

A homebuyer survey, also called a homebuyer report, is a detailed report on the condition of a property. As well as noting any issues, it will also provide advice on the seriousness of these issues and provide advice on how best to solve these.

homebuyer survey

In addition, it provides a current valuation of the property and an estimated repair/rebuilding cost. As such, many people choose to have a homebuyer survey taken before buying a property, to ensure that they have all the information available before committing themselves to such a large purchase. Here are a few things you need to know about homebuyer surveys, so that you can use them efficiently and effectively, helping you to choose the right property.

1. Reports are based on what the surveyor can see

Reports are based on what the surveyor can see

All homebuyer surveys are based on what can be seen throughout the property. These are extremely detailed and can provide excellent information, including details of cracks, damp and rotten wood. However, these surveys will not tell you anything about areas which cannot be accessed. As such, don’t rely on a homebuyer survey to give you information about what is under the floorboards or the foundations of the property.

2. Homebuyer surveys may cause a seller to reduce their price

Homebuyer surveys may cause a seller to reduce their price

If you have a homebuyer survey undertaken on a property which reveals some serious faults, especially electrical issues or problems with the roof, then all of this information will be passed onto the seller. It means that you are now in an excellent position to offer a lower price for the property since the property is not quite as good as it initially looks and will require money for repairs.

Buyers may also insist that certain areas of the work be carried out before they buy the property by the vendor, reducing the amount of work they have to put into the property once the purchase is complete.

3. The survey is not a commitment of purchase

The survey is not a commitment of purchase

If you choose to commission a survey, it does not mean you are committed. A survey is used to provide you with more information about the property before you move forward in the purchase. As such, if the survey details too many problems for your liking or suggests a cost of repairs that are significantly higher than expected, you are perfectly entitled to walk away from the deal. Buying a property is a significant purchase; homebuyer surveys will help you work out if a specific property is right for your needs.

 

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