Buying a home is tricky task, especially if you’re a first time buyer. With lots to think about, from price to solicitors to mortgages, it’s very easy to get overwhelmed and miss out steps in the process.
One such step is the HomeBuyer Report. But what exactly is it? And why is it so important? In this post we discuss everything involved in the HomeBuyer Report and how it can help you when buying your dream home.
The HomeBuyer Report is a mid-range survey – covering more than a basic Condition Report but not as in-depth as a full Building Survey.
It’s essentially a health-check for the property you’re preparing to buy, designed to highlight any problems such as obvious damp or rot. This will give you a broad idea about the potential repairs you’ll need to make before you move.
So, what exactly does the HomeBuyer Report include? Fundamentally, the report uncovers any major obvious problems. It will list these alongside advice on maintenance and any legal considerations.
When undertaking the report, it’s important to choose a surveyor who is a member of a recognised governing body, such as the Royal Institution of Chartered Surveyors (RICS). This means you can rest assured you’re getting the best possible service, with a full explanation of any technical terms and industry jargon.
Although an extra expense, the HomeBuyer Report can save you time, money and stress further down the line.
The report gives buyers peace of mind before taking the plunge. It can either confirm there are no problems, or point out issues to help avoid unexpected repair costs.
If you want to understand what exactly is being surveyed, you can accompany the surveyor when it’s carried out and ask any questions you may have. After all, this will be your new home, so it’s best to be fully informed.
More likely than not, most HomeBuyer Reports will uncover a few issues, whether big or small. First things first, don’t panic. This is normal, especially in older properties due to natural wear and tear.
Once the report is completed, it’s worth asking the surveyor how much they expect the repairs will cost. If there are any major problems, you can also ask a reputable builder or contractor to give you a quote.
If they do find major issues, it gives you potential leverage to amend your offer. Let’s say problems are expected to cost £4000 to repair, for instance, you’re within your right to reduce your initial offer by £4000 to cover the defects. Alternatively, it gives you scope to ask the seller to fix issues before completion.
Weale & Hitchen has been helping people find their dream home for over 25 years. As local property experts in Bury, Bolton and the surrounding areas, we can help you with every step of the process from viewing, to surveys right through to aftercare. Get in touch to today to find out more.
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