Homebuyers survey is suitable for potential home buyers who need a report on the condition of the property that they are considering for purchase.
Homebuyers Survey from the Surveyors at Property Link
One of the most popular services provided by Property Link is the Homebuyers Survey, otherwise known as a Homebuyers Report. This is a survey, completed by Surveyors and Structural Engineers, dedicated to providing homebuyers with all the information they need regarding the condition of the property which they are considering buying. It is highly recommended that all buyers have a Homebuyers Report completed before making an offer on a property as it helps the buyer to make an informed decision as to whether to make an offer and if so, how much for.
What is a Homebuyers Survey?
A Homebuyers Survey and Valuation (HSV), otherwise known as a Homebuyers Report was introduced in 2009 by the Royal Institution of Chartered Surveyors (RICS).
The report is usually completed within a standard format so that includes all the necessary information a buyer needs to make an informed decision and it must be completed by qualified Surveyors and Structural Engineers.
Though the Homebuyers Survey will not give the buyer full details on every aspect of the property, what it does do is highlight any urgent matters which could potentially have a significant impact on the value of the property. It will provide a buyer with details of these urgent matters that need attention or further investigation so that a buyer can investigate them to see what needs to be done and how much it will cost.
Homebuyers Survey Birmingham
The report covers only the parts of a property that are clearly visible to the surveyor and so it will not impact on the condition of the property, for example, they won’t need to remove carpets to see the condition of the floor underneath.This report is ideal for those considering the purchase of a conventional and/or newer property, however, properties that require renovation or building work to be completed will require a more in-depth Building Survey.
The Home Buyers Survey will include a summary at the start, along with a reminder of all the work that needs to be carried out on the property, however, it is still advised that buyers read the report entirely. Unlike other reports, the Home Buyers Survey is written without any jargon or technical language, as it is written in plain English it is simple for anyone to understand, even those without any experience of buying or selling a property.
What is included in the Homebuyers Survey?
This report completed by Property Link Surveyors and Structural Engineers, includes a range of information, such as:
- The condition of the external parts of the property.
- The condition of the internal parts of the property.
- The overall site and drainage.
- Services and their general condition.
- Estimated market value of the property.
- The report will detail any defects and advise on any urgent remedial works.
- The report will also advise on any further evaluation required prior to commitment.
In addition to this, the Homebuyers Survey also includes a condition rating for the property. There are three defined conditions:
Condition Rating 1: Currently, no repair is required.
Condition Rating 2: There are defects which need to be addressed, but not being considered urgent or serious.
Condition Rating 3: There are defects which need to be addressed as a matter of urgency.
Benefits of a Homebuyers Survey
Homebuyers Survey Birmingham – A Homebuyers Survey is not a necessity and may seem like an extra expense you do not need, however, there are plenty of benefits to having a Homebuyers Survey completed on your property, these include:
- The peace of mind it gives you that any problems with the property have been identified and before you have purchased the property.
- With a completed survey, you have the ability to negotiate a price with the seller. This report could provide you with the leverage you need to reduce how much buying the property costs you, giving you more money to spend on repairs.
- If you do not want to complete repairs to a new property, the report enables you to request that the seller complete these before they sell the property.
- If the work that needs to be carried out on the property is expensive, it may make you reconsider whether you want to purchase the property.
- If you still wish to buy the property, this report will help you to budget for any repairs that must be completed.
For more information on Homebuyers Surveys, to request a survey or to speak to an expert member of the Property Link Surveyors and Structural Engineers, contact us today. We can provide you with a free, no-obligation quote along with specialist help and advice.