Five potential problems if you decide not to get a property survey
In most cases if there is a problem with your property a survey should find it, the list below highlights five main ones.
1. You will miss out on advice and recommendations from an expert
Obtaining a survey report on a property that you intend to buy will mean that you will get the knowledge and expertise of a qualified professional with years of experience in that field. You need to make sure you use a surveyor that is regulated by RICS (Royal Institution of Chartered Surveyors). You can utilise the advice given on the property to make an informed decision on whether to progress with the transaction.
Also in addition to their extensive experience in the industry, securing the advice of a local property expert can be invaluable-by requesting a surveyor that operates within your area. You will be guaranteed that they'll be able to draw upon a wealth of local expertise. Some properties will be affected by local environmental conditions, like risk of flooding, issues with trees etc, and the surveyor will be aware of these issues due to their local knowledge.
2. You cannot guarantee an accurate valuation with a basic report intended for lenders
There is a difference between a valuation for mortgage purposes and a specific property valuation.
People are often confused by the two main types of survey, as both will state a property’s value. The mortgage valuation is mostly for the lender's benefit, allowing them to know if the property is safe to lend money on. In most circumstances this survey isn’t sent to you, as it now goes directly to the lender. You can request a copy, but some lenders will still refuse to send you one. If you request a private survey, or arrange a homebuyers report with your mortgage application, the surveyor is working on your behalf too.
3. Renegotiations will be more difficult
In the case that your survey may identify several issues regarding the condition of the property, the report can subsequently be used to effectively negotiate the price with the seller. This is especially true of Homebuyer Reports, which provide a detailed record of all the issues or defects identified, as well as one of three different condition ratings which is used to indicate the severity of these concerns and the immediacy in which they need to be dealt with.
By citing the expert findings of your RICS accredited surveyor, you are far more likely to be successful in your renegotiations. More specifically, the seller will be more inclined to offer one of the two following options. They will either propose a reduction in the asking price of the property that is roughly equal to the buildings estimated cost of repairs, or they will agree to make the necessary renovations prior to your completion date.
4. Future costs may be incurred
In addition, once you have received the completed report, you should have a far greater understanding of what exactly the surveyor identified during their inspection. This includes any defects or shortcomings that would have otherwise continued to go unnoticed by the tenant or vendor.
This is where a property survey could potentially save you thousands of pounds in future expenditure.
By having a comprehensive inspection undertaken by a qualified expert, you may be alerted to any number of serious or costly defects that are not immediately obvious. When these kinds of issues are left unattended, they not only incur significant expenditure later down the line, but also pose a tangible danger to any future occupants. It’s in your best interests to instruct a surveyor to identify these shortcomings early, and deal with them accordingly.
5. No peace of mind
As we previously mentioned, buying or selling a home is undoubtedly one of the biggest decisions a person will ever make. That’s why, when you request a property survey, you can rest assured that the independent evaluation will guarantee that you’re making a confident and informed judgement, based on the advice of a qualified professional. Not to mention the possibility of saving a homebuyer thousands of pounds in costs, through the potential to renegotiate the selling price based on issues that may be identified in the report.
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