Before you buy a home, it is advisable to invest in a pre-contract exchange survey. This is a common part of the mortgage release process, and while some buyers opt to not have one done, it is extremely beneficial to enable a more informed purchasing decision. This guide covers all the basics of home surveys and what buyers should be looking for before they go ahead and take the plunge.
Why Are Home Surveys Necessary?
Home surveys exist to highlight flaws, defects, structural concerns, and any other major problems that are present in a property. It can help when negotiating a price for the stipulated repair work, deciding whether to go ahead with the purchase, and representing the property in a more authentic light. Potential buyers are able to look to the survey to facilitate a wholly fact-based purchase and move along the conveyancing part of the journey. Plus, it helps people to avoid making costly mistakes and poor investment moves.
What Is the Process?
The most important thing is to ensure that when you purchase this product, it is always carried out by a RICS approved surveyor. An RICS accredited qualified professional surveyor is the only viable person for the job because this is the legally recognised and expert qualification that completely validates the results. You can learn more here with expert guidance from established Norfolk surveyors. The assigned surveyor will organise a time to attend to the property and carry out the assessment. Depending on which product you require, for instance, RICS home survey level 2, aka the homebuyer survey, or RICS home survey level 3, aka, the building survey, the time it takes will vary.
RICS Home Survey Level 2: Homebuyer Survey
A level two survey, also known as the homebuyer survey, exists for newer properties. Typically, a home built after the Second World War (1945) is eligible for this type of survey, but only if it is also not a listed building or has had extensive renovation work carried out. This process strives to ascertain the full list of defects and flaws in a building so that buyers can see what work would need to be done and get an idea of how much that would cost. The results can then be negotiated with the seller to either deduct money from the sale price or have some of the repairs carried out before the exchange.
RICS Home Survey Level 3: Building Survey
The level 3 option is also known as a Level 3 or Building Survey. This can be done at any property regardless of age, size, or condition. It dives into the structure of the building and looks for any major and minor concerns that may cause the property to become unstable. For instance, if a surveyor finds damp or subsidence, this will be flagged, and there should be a discussion about how to resolve it before you accept the sale.
Home surveys are an integral part of the home buying process. With an expert RICS surveyor, the process is simple and straightforward. There will be a fee, but the results and stress-saving potential are undeniably worth the investment.