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If you do find any little surprises in the mix then a house survey's result can help you with regards to getting money off the building if it needs a lot of work and TLC to make it habitable. The survey results may also help you with regards to having an idea of how much to budget for the future if things should need repaired.
It must also be noted that over and above the survey, a home buyer needs to pay to have a mortgage valuation. This will help to secure a mortgage offer and will basically show the lender that the house is worth the money they are letting you borrow.
It is important that the price of the valuation is kept in mind when choosing the right mortgage. Mortgage lenders often offer an independent survey and this will be charged on top of any other charges.
There are four main types of survey available on your new home, these are:
·A homebuyer's report. This survey checks that everything is ok structurally with the property. It will highlight any problems or potential problems such as dampness and any building regulation anomalies.
·A building survey is undertaken on non standard construction and older properties. This will go into great detail on the property's condition and will highlight anything which needs to be investigated.
·A home condition survey looks into the property condition, highlights any potential problems and estimates the cost of rebuilding the property for insurance purposes.
·A new-build snagging survey is as the name suggests for newly built properties and will check for any defects or mistakes in the home.
Further to all of the above there is also the EPC or energy performance certificate which gives information on the energy efficiency of the property. This will be provided to you as the seller of the home needs to commission this.
Many people ask whether or not a survey is completely necessary and the answer is a resounding yes. Although there is some expense in commissioning a survey having already paid for a basic valuation, the survey keeps you right. You may be tempted to look around the property yourself in order to ascertain the condition, this is all well and good but are you a professional? A trained and professional eye will quickly spot any problems which a lay person could not. It is better to spend on the survey initially rather than having to potentially spend thousands sown the line for some major repairs.
If when the home is surveyed there are any very major problems uncovered, it puts you the buyer in the position of power and you can either miss out on the property or renegotiate a far lower price taking into consideration your potential spend on fixing up the property. Your new home is a huge investment so take care of it.
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