It offers peace of mind, it may save you thousands of kilos … but just don’t confuse it with the valuation of your mortgage provider. Steve Rayers praises the virtues of the Home Condition Survey
Buying a house is one of the largest financial obligations you ever do, but still 73% of First buyers (FTBS) you feel insecure about the process.
A crucial aspect that is often overlooked in this journey is the real estate research. But it is a step that you can save thousands of pounds and offer the much needed peace of mind.
Recent research conducted by Pegasus on behalf of Countrywide Surveying Services showed that although 60% of the surveys demonstrated unknown issues with the property. But although many buyers remain confused about their options, understanding home investigations can help you prevent unexpected costs and ensuring that you make a well -considered decision.
What is a home condition survey?
A home condition survey is an independent assessment of the condition of a home.
In contrast to a mortgage valuation – which is for your lender, a survey cannot give you a detailed report on structural problems, possible repairs and defects.
There are different types of surveys available, and this is where confusion arises. Many buyers are not sure about which survey they should choose, who they should get and what is included. However, the benefits are clear:
- 92% of the people who had a survey said it gave them peace of mind.
- 88% said they would get one again for their next purchase.
- Only 2% of the buyers decided not to continue after receiving their research report.
Why you should not rely on a mortgage valuation
One of the most common mistakes that buyers make is to assume that the valuation of their mortgage provider is the same as a survey. It is not.
A valuation is a brief check to confirm the value of the property for the lender, it does not assess possible repairs or hidden problems. Moreover, many such ratings are not provided through a physical inspection.
Many buyers wrongly believe that their lender has done a complete inspection, but in reality they may not be aware of critical issues.
With surveys that reveal problems in 60% of the cases, skipping this step can lead to unexpected and possibly expensive repair bills along the line.
How much should you expect to pay for a home investigation?
Buyers are generally willing to spend between £ 300 and £ 750 on an extensive home investigation. Given the potential costs of hidden problems, this is a relatively small price to pay for peace of mind and financial security.
Who can help you with your home condition survey?
With 22% of the buyers who trust mortgage brokers Or money lenders for survey advice, it is important to ask questions and to ask the right guidance.
Do not hesitate to discuss research options with your mortgage adviser or an independent surveyor to ensure that you are fully informed before you make your purchase.
Insight into surveys – Important collection restaurants for buyers
- Surveys are essential: 60% of the surveys discover problems, so buyers make informed decisions.
- Do not confuse a mortgage valuation with a survey: A valuation is for the benefit of the lender, not yours.
- Surveys offer peace of mind: 92% of the buyers found them reassuring.
- They do not stop selling: Only 2% of the buyers walked away after an investigation.
- The costs vary, but are worth it: Expected £ 300 to £ 750 For a thorough check.
One last thought for home buyers …
Buying a house is exciting, but it is also a major financial decision. Investing in the Right Home Condition Survey can protect you against expensive surprises and ensure that you make the right choice.
Don’t let the confusion stop you, make sure you speak with an expert and get the clarity you need before you connect in your new house.
Steve Rayers is director of strategic projects on National home studies