If you’re looking to buy a property this year, one of the things we highly recommend you budget for is a survey on your prospective purchase. In a time when the cost of living is at the forefront of many people’s minds, you want to make sure that you are getting value for money when it comes to your new home.
Below are 4 important reasons why you should get a survey when buying a property…
Avoid potentially huge repair costs
The most obvious reason: Surveys highlight any issues that may not be immediately obvious in the relatively short time that you view a property. Possible problems, especially in older properties, include structural damage, wet or dry rot, and problems with the roof. These are the sort of problems that tend to get worse over time and are often expensive to fix once you have moved in.
According to the Royal Institution of Chartered Surveyors (RICS) buyers who didn’t get a survey faced on average £5750 worth of repairs when they moved in – it’s really not worth the risk!
You might be able to renegotiate the price of the property
If the survey report shows that there are issues that will require expensive repairs, it doesn’t have to be a deal breaker when it comes to the property, especially if you loved it when you viewed it. If pointed out to the sellers, it’s then worth negotiating on the asking price to reflect you having to get these problems sorted yourself once you move in. By getting a reduction on the original purchase price, you will have the money to fix the problems. Alternatively, you could ask the sellers to sort the issues before completion, saving you a job. Just make sure the sellers then provide proof that the work has been carried out and the relevant certificates and warranties where possible.
Your Mortgage Provider’s valuation isn’t what some people think it is…
Many people don’t realise that when their mortgage provider says they are going to do a ‘valuation’ of the property, they mean that they are going to get a price of the property for their lending purposes and NOT an ‘Evaluation’ or survey of the property to analyse it’s condition.
A lender’s valuation on the property you’re looking to buy, is purely for them to check that the money they are lending you (against the property in the form of a mortgage), is not too high. It’s not a detailed survey and won’t tell you what repairs or maintenance you might need to carry out.
Buying a property is one of the most expensive purchases of your life!
Choosing a place to buy is one of the most expensive decisions you will ever make – so you want to get it right. A survey often costs less than 1% of the full price of a property, and for this small cost you can have peace of mind and undercover any potential disasters. Getting a HomeBuyer Report or a Building Survey will identify any repairs that may be essential, and could potentially save you a lot of money in the future.
If you have any questions when it comes to buying or selling a property in the Bromley area, give Bromley Property Company a call and one of our experienced team can give you advice.