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Homebuyers Survey – What you need to know

Homebuyers surveys are designed as concise and economical surveys for modern houses that were built after the year 1970. Even if you have a home that’s brand

There are many different surveys you can get when looking to buy a new property. One of the most popular is a Homebuyers Survey. This is an important part of the property buying process, and it is important that you feel informed and know what to expect when instructing a surveyor.

What is a Homebuyers survey?

Homebuyers surveys are designed as concise and economical surveys for modern houses that were built after the year 1970. Even if you have a home that’s brand new, there can be a series of smaller issues that can add up and lead to larger expenses down the road. For homes worth less than £1 million and built after 1970, this type of detailed report will help you secure your investment and understand any priority repairs that you may need to make to secure your investment and keep your home a safer place.

Homebuyer Surveys are visual inspections by an RICS Chartered Surveyor of the areas of a property that are easily accessible. Your chartered surveyor will look for visible problems that are serious, dangerous or that could affect the property value.

What level is a Homebuyers Survey?

Property surveys are graded by level. Also known as a ‘Level 2’ survey, a Homebuyers Survey is a briefer version of a Building Survey and is suitable for conventional and modern homes in reasonably good condition.

The levels are:

Level 1 – For newer properties, this assesses the condition of key parts of the property with a traffic light rating. These take approximately one hour to complete.

Level 2 – For properties in a reasonable condition, this gives a more detailed survey and the option of valuation. These take approximately three hours to complete.

Level 3 – For larger or older properties over 50 years old. This comprehensive report gives in depth analysis and advice. Your surveyor will also estimate how much any repair costs will be. These can take up to one day to complete.

Our Homebuyer Surveys are a level 2 survey which is equivalent to an RICS homebuyer report for newer builds.

What are the benefits of a Homebuyers Survey?

The advantage of this type of report is that it is considerably cheaper than more detailed reports. It also offers a fast turnaround time, making sure that you can stay competitive in the frantic world of the Surrey and London property market.

What is the difference between a Mortgage Valuation and Homebuyers Survey?

A mortgage valuation is organised via the lender (the bank where you are getting your mortgage from). This valuation is not as in-depth as surveys offered by independent charted surveyors, such as our team at Bramptons & Son. You should always arrange an independent Homebuyers Survey once an offer has been accepted on a property. This will show any visible issues or problems with the house and ensure that you’re not overpaying for the property.

You can read our blog on what the differences between a mortgage valuation and independent survey are here.

If you are purchasing a larger or older property, you should consider a Building Survey. This gives an even more in-depth look into your property. You can find out more about Building Surveys here.

Why are property surveys important?

It is important that you get a property survey when buying a property. Not only does it ensure that you are paying the correct amount for a property, but also that the house you are moving into is safe for you and your family.

You will also benefit from reassurance and experienced advice and guidance during your survey. If major issues are uncovered, you can ask your chartered surveyor how much the repairs would cost, the impact of the repairs and resolutions, and if the repairs are relatively easy. All these factors can then influence if you go ahead with your property investment, or if you need to renegotiate the offer you have made.

What should you do next if needing a Homebuyer’s Survey?

You can contact us here to book your Homebuyers Survey.

You can also find out more about Homebuyers Surveys via our services page here.

To ask us any any questions or to find out more about the property services we offer in Surrey and London, contact us here.

Alternatively you can email us at info@bramptonssurveyors.co.uk or call us on 01372 632 169