Helping you to avoid unexpected and potentially costly repairs once you start living in your newly purchased home, a homebuyer survey carried out by a Building Surveyor in Southampton, can highlight whether any work needs to be carried out on the property either immediately, or further down the line. 

Below are the 3 main types of homebuyers surveys:

  • RICS Condition Report

This survey is best suited to newly constructed and conventional properties that are in sound condition, and highlights potential risks and legal problems, along with anything in need of urgent repair. It doesn’t contain advice or a valuation.

  • RICS Homebuyer Report

Also best suited for conventional homes in sound condition, this survey identifies problems with the building’s structure, along with other issues that may not be immediately apparent. 

  • Building or Full Structural Survey

Comprehensive and detailed, this survey suits all domestic properties, but in particular, older homes or those in need of repair. Extensive but more costly, it does not include a valuation. 

How risky is it to purchase a property without a Homebuyers Survey?

While many people buy homes without having a Homebuyers Survey carried out first, doing so does come with a series of risks:

  • Nasty surprises and costly repairs

From structural defects that you don’t have the funds to repair, to radon gas present beneath the property and causing a potential health risk, problems that you aren’t aware of when buying a property, can cost you big once you’ve moved in. 

With a Homebuyers Survey, you can be made aware of all immediate or potential problems, and make an informed decision as to whether to go ahead and buy the property. 

  • No grounds upon which to renegotiate the purchase price

If a survey from a credible and professional source highlights issues with the property and costly repairs are required, you may be a in a prime position to renegotiate a better purchase price. 

  • No expert eye to assess problems

Without a Homebuyers Survey, faults and problems could easily go undetected as the average homebuyer isn’t likely to know for example, whether cracks are merely cosmetic or an indicator that there are more serious structural problems present. 

  • Possible overpayment due to lack of an accurate valuation

In spite of the mortgage valuation lenders carry out (which is only to determine if the property is worth the value of the loan requested), an independent Homebuyers Survey can give you impartial details and guidance as to the actual value of the property on the current market. 

What if you choose not to have a Homebuyers Survey?

Opting not to engage with a professional chartered surveyor and have a full Homebuyers Survey or Building Survey carried out before you purchase a property, may save you some money initially, but many homebuyers go on to regret their decision once problems with the property become apparent. 

Purchasing a property is a significant investment, and one that’s absolutely worth protecting with a survey. With so many potential problems that the average homebuyer simply won’t recognize, future expenditures on repair work could soon mount up and make you wish you’d invested in a survey at a fraction of the cost of what you’re now being forced to pay. 

Homebuyers Surveys are of course optional, but if you care about protecting your new home and your bank balance, you’d be wise to at least consider having one carried out.

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