The Benefits of Getting a Survey Report
During your property buying journey, obtaining a Home Survey Report or a Commercial Survey isnt just another box to tick. As part of the journey, you are asked to deal with solicitors, estate agents, the mortgage lender, removals, insurance etc. and after all this you maybe faced with the prospect of thinking, oh no, not another box to tick. Yes, we are talking about getting a survey.
Unlike all the other parties involved in the buying process, they don't tell you about the condition of the property, which is probably the most important part of buying a property. After all, getting the mortgage is important but after this you want to know that what you're borrowing isnt too much for a property that could be worth less due to its condition.
So before you commit to years of mortgage repayments, that could total 100's of thouasands or millions of pounds, you need to know what you're agreeing to. Yes a lenders mortgage valuation may give you a small snippet of a problem but you shouldnt rely on this alone since this valuation is for the lenders security to lend on the property and not a condition survey.
Unfortunatly, most people do rely on the lenders mortgage valuation. At Heyes Chartered Surveyors, and with over 10 years experience in the market, we have heard so many stories, "oh I will save my money, it looked ok when I walked around it", or "I don't need a survey as the property is only 20 years old". We accept that the survey may be another cost to pay for on top of conveyancing fees, stamp duty or other associated costs, but this is an important part of the buying process. It cannot be underestimated the importance of getting a survey undertaken.
We feel that having a survey should be looked at as having a benefit to you. Imagine the cost of the survey is £600.00 'for example' and you think this is a lot of money. However, let's look at it from another angle and think that by not spending £600.00, you later find thousands of pounds worth of defects that could have been negotiated with the vendors prior to exchange of contracts, that could have been saved. In a nutshell, that £600.00 has been a worthwhile investment, a small sum to provide you with professional concise and valuable advice. At this point its worth noting that the legal point of sale isnt the exchange of funds, its the exchange of signed contracts. Once these are signed you are legally bound to accept the property, no matter its condition. Hence why getting a survey before this is critical, so you know what you are signing up for. Once you sign, you can't go back to the vednor and ask them to knock some money off the property as its sold as seen.
Other comments we often see are, "what if you find no defects"? Well, our answer to this is, almost all properties have defects, regardless of age. Even new build property can have dozens of problems, ranging from poor plasterwork, to faulty windows, uneven brickwork and even high condensation or dampness.
Many years ago the RICS estimated that the average repair bill after moving into the property was appoximatly £6,000, however this is only a guide and it could be much higher than this. So clearly, an RICS Level 2 Homebuyer Report or an RICS Level 3 Building Survey are most often worthwhile investments.
Save a Small Fortune on Repair Costs!
As an RICS Regulated Firm with qualified AssocRICS, MRICS and FRICS Surveyors, who are highly trained in identifying building defects and legislative building issues, we are able to find defects that the untrained eye may not find. After all, members of RICS spend years training, like most professionals do. This amount of training and life experience with buildings allows us identify issues that the untrained person may overlook or think its nothing serious. Many Houses and Flats hide problems such as structural damage, dampness, roofing issues, dry/wet rot etc that only a professional has the knowledge and skill to uncover.
Reduce a Property's Asking price!
Not all properties with defects need to be avoided. In almost all cases, a property can be fixed at some point and for a certain cost. However, if you obtain a survey, you then know what the problems are or are bound to arise and then have a rough idea how much they will cost to rectify. From our expericence and from speaking to clients all the time, before signing on the dotted....line, we know that the survey has helped them leverage a reduction in the asking price. The highest we have recorded from a client is a staggering £120,000 and the lowest was the cost of the survey. This was all due to the survey we undertook and the quality of information we provided. In summary, his/her £600.00 'for example' allowed them to negotiate thousands off the asking price. In this case, we would say that the survey was a very worthy investment or as they said to us in this case alone, gambling £600.00 to win £120,000 was a worthwhile bet to place.
So when you next say to yourself "oh I will save my money", or "I don't need a survey as the property is only 20 years old" think about the potential to renegiotate on your original offer for the property than the cost of the survey, and use our report as a bargaining tool.
Our final word is...by instructing us to provide a survey, it can pay dividends. If you want to invest your money wisely, give one of our friendly team a call on one of the numbers above or alternatively, click the GET A QUOTE button above to obtain a no obligation quote from us.
What Other Types of Property can Benefit from a Survey?
Commercial Property - We can undertake all kinds of surveys. These range from a Building Survey (used when purchasing) or a Schedule of Condition or Schedule of Dilapidations (used when leasing a property or space). These range from Offices, Shops, Warehouses, Schools and Colleges plus many others.
Churches / Places of Worship - We can provide a Schedule of Condition or an Quinquennial (Ecclesiastical Survey)