A home is where the heart is –
don’t get your heart broken.
The purchase of a new home is likely to be one of the largest investments in your life. However, a home isn’t just a monetary investment and in most instances the final decision of whether or not to buy is not monetary, but instead based on emotions.
If a house is to be a home, then getting the right “feeling” about a property is normally instrumental in any decision. That said, when you find what you believe to be your dream property you shouldn’t let emotions cloud your judgment. A property purchase should be an enjoyable experience that is remembered fondly and not bemoaned because of poor judgment.
A chartered building surveyor or residential surveyor can play a crucial role during the process of purchasing a new home. A building surveyor will survey a property and give an impartial judgement of the house or flat, highlighting any concerns or items that need to be investigated further. This will reduce the chance of discovering unwanted abnormalities after the property is purchased.
The type and level of the survey required will be dependent on a combination of factors.
If you are buying a property with a mortgage it is highly likely that the lender will specify the minimum level of survey required. That said, if a lender specifies that a level 1 survey is required, it doesn’t mean you can’t opt for a higher level of survey. The appropriate level of survey will depend on the characteristics of the property and how risk averse you are as a buyer.
A buyer should look at a wide range or parameters before deciding on the level of survey required. For example, the type and age of a property is usually a good indicator. If a property is of substantial age and appears to need modernisation, then selecting a higher level of survey may be advisable. Adversely, if the property is a new build flat, then a level 3 survey could be overegging the pudding. That said, if you are risk averse then a level 3 survey is likely to be the most appropriate building survey. This form of survey uses intrusive measures and investigates in greater detail. However, level 3 surveys will result in greater financial outlay. If as a buyer you are more comfortable with risk, and your mortgage lender allows, a level 1 condition report or level 2 homebuyer report may be acceptable. These are less expensive forms of survey but could leave some items un-investigated.
If a surveyor highlights issues during the homebuyer report this doesn’t necessarily mean you shouldn’t buy the property.
In most instances issues will be minor and will actually allow you to negotiate further with the seller. However, if there are major structural issues highlighted during the homebuyer survey then finding a mortgage lender may be problematic. Additionally, a property with such issues should only be purchased if the risks are understood and you are willing to invest time and money in a property.
A sensible decision doesn’t need to be a boring decision. If you have doubts about a property purchase or you just need further assurance. A recognised chartered building surveyor will give you impartial expert advice that should assist in making the right decision.
