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  • Step 2b - Check the Property: RICS Survey

    3rd October 2017

    A RICS Building Survey or Homebuyer Report ensures you know exactly what you are buying and ensures you avoid buying something you later resent! There are plenty of properties in good condition in the UK property stock but there are also a large number of properties where homeowners have not kept up to date with maintenance and repairs – it just hasn’t been the top priority.

     

    Some homebuyers rely on the mortgage valuation in the belief that it is itself a survey and that the mortgage lender would only provide a mortgage offer if there was nothing wrong. A mortgage valuation is conducted for the lender to ensure there are no obvious visible structural issues affecting the property’s value and that they could recover their loan if they needed to sell the property. The property value really just needs to cover their loan value with a buffer to reduce the risk and cover sales costs.

     

    An independent RICS Homebuyer Report or Building Survey ensures you are fully informed about all defects and maintenance required so you know that the value of the property you are buying covers both your deposit and loan. It also ensures you aren’t left in negative equity by having to pay out for expensive maintenance repairs that haven’t been accounted for in the property value.

     

    At its core, a building survey is designed to keep you in a strong financial position – you know what you are buying and what money will need to be spent so you can plan and budget both in the sale price and your ongoing maintenance budget.

     

    When getting a survey you want to get the:

    • Right Survey – use our interactive quiz to see which survey is best for your property
    • Right Surveyor – provides the information you want in your report, has the level of expertise you are happy with plus many other factors. Read each surveyors biography fully to help you choose.
    • Right Price – the cheapest is often not the best value. A surveyor charging more is likely to spend more time inspecting the property as well as providing a more detailed, analytical and helpful report. A bit more spent now could save a lot more down the line. Get quotes from trusted independent RICS Chartered surveyors.

     

    Once you have your report you have 3 main options:

    1. Buy with confidence – you can proceed confidently knowing the true condition of the property and that you are happy to take it on.
    2. Renegotiate with justification – if big issues do come up that will cost money to fix, you can speak to the seller and justify why the price needs to be dropped to compensate for the work needed or ask that they have the repairs done before completion.
    3. Walk away content – of course you don’t want to walk away from a property you wanted but you’ll be satisfied it is the right decision for you and that you have avoided taking on levels of issues that you weren’t comfortable with.

    Move on to Conveyancing or go back to the Mortgavge Valuation Process.

    Progress: 55% complete