Tips for homebuyers in the current property market
The property market is changing in the UK. And, for buyers looking to make a purchase, now is a great time to get to grips with the details. Achieving the best price for your property purchase, whether you’re looking for a home in Surrey or a property in Hampshire, means streamlining what you spend and making some smart choices when it comes to the homebuying expenses. Surveys are one of the key costs for homebuyers and can be difficult territory to navigate if you don’t have experience.
Homebuyer tips: surveys
Don’t avoid getting one
Surveys can seem like “extra” spend when you’re already paying out for multiple costs, from the mortgage fees through to the expense of a solicitor. However, the survey is a cost worth bearing, as it’s this that will highlight any potential issues there might be with the property you’re looking at.
Make the decision on the basis of appropriateness not cost
There are a wide range of different surveys that you could use when you’re buying a property and which one is appropriate will depend on the property itself. You may not need to pay for the most expensive survey but equally a cheaper survey could leave you without enough information to make an informed choice.
Research your options in terms of surveyor
Your mortgage lender may have a preference but you don’t have to go with that preference. Just make sure that person you choose is a member of a recognised body such as RPSA or RICS.
Understand the different types of surveys available
From property in Surrey, to homes in Hampshire, every home purchase requires a survey. Each one will be different depending on factors, such as the age of the property and its location. Although there is a very wide spectrum of options, there are three principal survey choices to consider:
- The cheapest: A Condition Report. Cost: Roughly £250
With this survey you’ll get an outline summary of risks that has been compiled from surveying the condition of the building. Any legal risks are highlighted, as well as critical defects.
- The mid-price: RICS HomeBuyer report. Cost: Roughly £400
This is the most popular choice of survey and can be useful, as it often includes a valuation of the property. A survey such as this will also expose any structural problems with the building, such as damp. However, when it comes to the cost of remedying these that’s something you’ll have to work out for yourself, as the survey won’t cover it.
- The high-end: Building or full structural survey. Cost: £600 - £2,000
If you’re buying an older property or a conversion then this type of survey is likely to be essential to highlight issues. In addition to showing you where potential problems are, a full structural survey will also set out a range of options to fix them. If you’re buying a home that has anything different about it (e.g. a thatched roof) then this option may be a necessity.
Expect there to be issues
In fact, if your survey doesn’t highlight anything then you might want to question its quality. It’s not usually a problem if your survey shows up issues – that’s what it’s for – so don’t panic if that’s the case.
Consider accompanying the surveyor
This will give you the opportunity to ask questions and to learn more so that you can better understand the report.
If you have questions about the process of buying a property in Surrey, or you’re looking for help finding a home in Surrey or Hampshire we can help – contact a member of the team to discuss your options.