A home buyers report is a type of survey that is recommended for any new buyer of property as it will outline any future work you will need to take on once you own the house or flat.
We have decided to write down what the report will include and what happens if your survey finds a problem.
So most importantly a report will include the current valuation of the property for the open market. This is really handy to know due to what kind of Mortgage you will need to take, how much deposit you will want to save and what kind of offer you then give to the current owner. Using a specialist in this area is advised and getting a Home Buyers Report London way at links including www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-London will enable you to get the best help possible.
It will give you a rough idea on the damp proofing, drainage and any insulation that might be within the house. This could be valuable to know due to energy saving costs and whether you will be cosy and warm throughout the year or need your heating on constantly.
It will outline urgent problems that really need doing before you sign the contract unless of course you are buying the property as a renovation project in which case you may sign it any how. It could mean that once the work is done that the property value has increased.
It will check the building for rot in the wood work and timbers which you can treat or replace if necessary but if it has developed too far it could mean a very expensive couple of months.
For the insurance purposes it will give a rough cost of what they think rebuilding the property would be.
Why you need to do this
Your survey could find some really big issues within the property and this could give you a chance to do a few things about it before it’s to late. Firstly you will really only know all the details if you went into the property whilst the survey was being done. This way you could ask them how much it might cost to fix the issues. You could even use the information to your advantage in terms of negotiating the price you buy it for.
Some of the most common things to check for or to ask about is Electrics, roofing, heating and damp. After doing all this if you have checked the report and you think you are still willing to buy it, you’ve haggled the price down and everything seems ok then move on to the next step towards getting your new property.