Why Do Some Buyers Take the Risk of Not Having a Survey?

There are many reasons why homebuyers may decide not to have a survey done on their new home, but the consequences can be expensive and stressful.

One of the many reasons buyers don’t have a survey done is the cost. Buying a new home comes with a lot of additional costs on top of the property itself, and so buyers mistakenly think this is a good way of saving a bit of money. Others believe that because the mortgage lender has already carried out a valuation, that this is sufficient. However, a valuation does not take into account the cost of any building repairs that need doing.

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Even those who do opt for a survey often select the cheapest option, which only looks at certain aspects of the building so may potentially miss something crucial.

In Scotland, sellers have to pay for a ‘home report’ when wanting to sell their home, and there is a push to get a similar system introduced in the rest of the UK. Included in the report is an energy report, a property questionnaire and an assessment on the home’s condition and market value.

Currently only one in five buyers pays for a full survey, even though the results can be used to negotiate on the price. Anyone looking to purchase a property in Kent should consider a home buyers survey Kent from https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Kent. They offer a range of options looking at both the internal and external structure of the building as well as check for damp, subsidence and other issues.

Property prices in the capital have recently seen a long-awaited increase.

Condition Report

A condition report operates a traffic light system ranging from mild to serious but does not specify what repairs are needed – only where there are concerns.

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Homebuyer’s Report

A homebuyer’s report is recommended for properties built in the last 100 years and recommends action or further investigation.

Building Survey

A building survey is comprehensive and recommended for older properties.

Snagging Survey

A snagging survey is suitable for new-builds or where new work has not been completed properly and needs fixing.

Whatever type of home you’re buying, it is always worth considering what type of survey is best for the property and could save you money in the long term.