Everything You Need to Know About a Homebuyer’s Survey

Sometimes known as a homebuyer’s report, a homebuyer’s survey is suitable for all kinds of properties. It is designed to pick up on any major problems with your potential home and is more affordable than a more in-depth survey. In some cases, the findings of the survey will affect how much the mortgage lender is will to lend for the property. Here’s what you should know before getting a survey.

Image Credit

How Long Will the Survey Take?

It shouldn’t take longer than half a day, with most taking around 2-4 hours. Your survey provider should be able to fit you in fairly quickly after you’ve contacted them and will arrange a time convenient to you. The surveyor will need access to your home and will also check the exterior of your property.

When Will The Results Be Available?

This will vary considerably depending on the provider, but you should receive the report within a week of the survey – often within just a couple of days. The report will contain details of what the surveyor found during the survey and will highlight any causes for concern.

Image Credit

How Much Will It Cost?

Obviously, the price you’ll pay will depend on the provider you use and can also be affected by the value of the property. Surveys tend to start at around £350 for lower-priced homes and at around £500 for more expensive homes. The UK’s Money Advice Service reveals that the average price tends to be around £400, but remember there will be variations in different regions. Different providers will charge different fees. If you’re looking for a provider of a home buyers survey London has many reputable firms to choose from, such as https://www.samconveyancing.co.uk/homebuyers-survey/home-buyers-survey-London. Shop around to find the best deal for your needs.

What Will the Surveyor Be Looking For?

The surveyor will be looking for any signs of issues that could cause major problems either in the immediate or semi-distant future. Common problems could include thing like damp or rot. Surveyors will also be looking for things like woodworm or any structural problems. Major problems such as subsidence and unsound structural features will also be flagged if they’re discovered. The surveyor will also highlight minor issues that might or might not affect the price of the property.