Why Every New Buyer Needs A Home Survey
You’ve eventually found a place you would like to call home or so you think. The home we live in is likely to be the most significant financial investment most of us will make. Nevertheless, many choose to purchase nonchalantly by not having a survey carried out before committing.
Before you progress towards exchanging of contracts, a Survey is an absolute must. There are a number of different types of surveys available, none of which include any financial valuations. A Survey is simply there to confirm the property is in good working order.
Do I need a Homebuyers Report?
Buyers tend to stipulate this survey if the property is generally in good condition and built within the last 150 years. After all, it only highlights defects and problems which are in need of urgent repair that can affect the value of the property.
Do I need a Full Building Survey?
Its detail reveals all unseen problems and in doing so tends to be more expensive than the homebuyers report. If the property is old, listed, has unusual construction and has gone through alterations, this type of survey is always recommended. However, despite its detail, it will not give a valuation of the property.
Furthermore, a Surveyor may recommend further specialist surveys (damp, timber, drainage, electrical) to be carried out after to ensure you know exactly what you’re buying is in good condition, or indeed can be refurbished to your requirements
Is a Mortgage valuation a Survey?
Most of us buy property with the assistance of a secured loan or mortgage. The lender will always insist on valuing the property, and regularly it is the buyer that pays for that. This is solely for the benefit of the lender to satisfy them that the property is worth the price being paid. This is to ensure that they could sell it if needed, if the borrower defaulted on their mortgage payments for example and get their money back.
Buyers often wrongly assume that because they’re having a bank valuation there is no need to have a survey. This is wrong as they are two completely different things. Here are 5 reasons why you must always have a Home Survey before buying a property.
Prior to having a mortgage formally approved, all lenders will arrange a bank valuation. This does not involve reviewing any Whether the property is worth its value will ultimately determine whether your mortgage is approved. Importantly, if the property is valued at less than its sale price, you will be better placed to negotiate the cost down from the seller if there are any defects
2) Obvious Defects
Surveys will show up any defects, for example damp or visible signs of other issues that you will need to put right when you move in. If defects are found, you can allow for these repair costs in your budget, negotiate with the seller to get the issues resolved, or even ask the seller to drop their price.
3) Alterations and Building Safety
If the property has previously been structurally altered, how do you know that the works carried out meet with current building safety regulations? And was planning permission given? Your dream home may not be quite so attractive if you find out that the structure isn’t safe or does not have planning permission for certain aspects of it.
4) Will you be able to Refurbish?
If you are planning to modernise or develop a property with a team of Interior Designers London, there may be a few issues that could stop you. These could include limitations with the structure and any preservation orders on the property itself, which could restrict what you do to it.
5) Environmental Issues
Is the area prone to subsidence or flooding etc? These are just a few examples of environmental issues which could make a huge impact on your home, so at least you’ll know up front and buy the property being aware of its quirks. Or you may eve decide to leave it well alone. Houses that do have environmental issues may be harder to get approved for a mortgage and home insurance. When the time comes for you to sell, even with luxury interior design, these very same issues could put off potential buyers.
We hope this has given you a better understanding of why having a home survey may be so important to you when purchasing a property. After all, while a property may look like a dream home, it could be hiding any number of issues that could cost you financially in the future.
At Landmass, we invite private commissions from end users and investors wanting to produce the most prised configuration of their property complimented by timeless interiors and beautiful features. Our in-house team of London Interior Designers have an unrivalled imagination that has earned Landmass numerous accolades including Best Property London.
Let’s discuss your project on 020 7439 8095.