Whether you are buying your dream home or investing in real estate, this process entails significant financial commitments and can have long-term implications. A survey is one of the most important tools you can wield during this process because it can save you a lot of headaches and money before, during, and after the purchase process. This article will explore why you should always get one before buying or financing a new home.
It Will Save You Significant Repair Costs
Level 2 and level 3 surveys done by competent buildings surveyors will tell you about significant problems that need urgent attention. A level 3 survey will give you an approximation of how much it would cost to repair all the issues an RICS surveyor finds in the home.
With a comprehensive survey, it is difficult and often impossible for a buyer to find out every issue a property has. This means they might buy a property that looks great but has underlying issues. Once they do, it will be on them to do the required repairs because they closed the deal and were handed the home as is.
Understanding the potential issues a home may have, and their estimated repair costs, gives you three choices. The first is to back out of the deal, which is ideal for those who prefer a move-in ready home. The second is to request the seller to make all the necessary repairs promptly to complete the sale. The last option is to negotiate a lower price to account for the repair costs.
A Survey can Help You Secure Financing
Lenders typically require an accurate valuation before lending the funds to finance a home purchase. The reason is to ensure they can recover the amount they lend, or at least part of what is left in case of foreclosure. They also want to protect themselves from any hidden issues that might lead to them lending a buyer more than the house is worth.
Hiring a competent house surveyor in Norwich to complete a level 2 or 3 survey alongside an accurate valuation can help speed up this process. However, understand that the lender might still want to do their own valuation even if you have already done one. If this happens, there is little you can do apart from stepping aside and letting them do it.
You Get Peace of Mind
It can be frustrating to not know whether your new home purchase is a good investment. Without a homebuyer survey, you are unlikely to know if the home is as great as the seller or real estate told you.
Instead of going through all this stress, hire a property surveyor to complete a comprehensive inspection. This way, you can know exactly what you are buying or have bought and have peace of mind in knowing you got the best value for your money.
No one should buy a home without a complete survey. These surveys can be expensive, especially level 3 surveys, but they can save you thousands or tens of thousands of pounds or give you peace of mind once the purchase is done.