Understand Property Surveys as a First-time Buyer
As a first-time buyer, you may be eager to find an amazing property and get moved in as soon as possible. However, it’s also important to manage avoidable problems along the way such as buying a home that’s not as well maintained as your first thought. House surveys are a great solution. By providing a clear assessment of a property’s condition you can avoid unexpected repairs!
Here’s all you need to know about property surveys.
What is a property survey?
Often, property surveys and property valuations are used interchangeably but they are done for different purposes – although the two can be completed at the same time if needed. A property survey is a detailed assessment that assesses the condition of a property including repairs and identified problems that could need repairing in the near future.
The survey is conducted by a professional surveyor and with the information provided, you can decide if you still want to go ahead with the purchase, get quotes for the repairs that are needed or renegotiate the asking price with the seller.
Are property surveys mandatory?
Unlike a property valuation which is done for the sole purpose of checking that the mortgage in principle is not too high by your lender, property surveys are not mandatory. However, it is highly recommended that you have one done.
Why are property surveys important?
Buying your first home is very exciting so be sure to do everything you can to make the process smooth sailing. Organising a property survey can help you save money and ensure that your chosen property is a sound investment.
The benefits of property surveys include:
- Property surveys identify ongoing repairs and issues so they don’t go unnoticed and progress.
- You can use the details of your survey to negotiate a better price to cover the repairs.
- Some sellers will take care of the repairs themselves so you’ll have one less thing to worry about when the property is yours.
- Buying a property is not cheap so having a survey done will provide you with extra security and the information you need to make an informed decision.
At Watsons, we’re on hand to help with all stages of your property buying process. From finding your dream home to arranging a property survey, we provide a hassle-free experience. Get in touch with us today for more information about our services in Norfolk.