Why First-Time Buyers Should Invest in a Property Survey
When you buy a new property, it’s essential that you’re confident in the property’s condition before you move in and don’t come across any major structural issues or other potential repairs that would ultimately be costly for you to remediate.
This is especially important as a first-time buyer, as you not only have less experience of the property market, but this is likely one of if not the largest investment you will be making in your life so far! Read on to learn more about what a property survey is and why it’s so important when buying your first home.
What is a Property Survey?
A property survey is a detailed assessment that inspects the condition of a property. It looks at various structural aspects of the property, determining whether anything is currently in need of repair or whether there are problems that are likely to need repairing in the future.
Different Types of Survey
There are different levels of property surveys that can be undertaken, ranging from the most basic to the most comprehensive of surveys. These include:
● Condition Survey (Level 1): These provide a very brief assessment of a property’s condition, therefore are best suited to new-build properties that appear to be in good condition.
● HomeBuyer Survey (Level 2): These provide a visual inspection of all areas that are reasonably accessible, however don’t go into detail on the structural integrity of a property.
● Full House Survey (Level 3): These are comprehensive assessments of both the general and structural condition of a property. This is the most thorough of all three surveys and is especially recommended for older properties.
Why Invest in One?
Many first-time buyers tend to overlook property surveys, opting to avoid arranging one with the hopes of saving money. However, this reasoning can actually backfire later down the line. If you move into your first home only to discover a couple months in that repairs are needed, then this can be costly for you to cover and can significantly impact your finances.
This situation can be avoided by instead investing in a property survey before you buy a property. By discovering any issues or potential problems with a property before you go ahead and sign the contract, then you can decide whether or not you want to go ahead with the purchase so as to avoid costly repairs later down the line that you may not be able to afford.
Pulling out altogether isn’t your only option, either. If repairs are needed, then you may request that these be completed before you move in or reasonably adjust your offer to lower the final price, so that you can then cover the costs of repairs yourself.
Qualified Structural Surveyors
Are you ready to buy your first home? Don’t forget to arrange your property survey, first! Here at Simon Levy Associates, we offer full house surveys and property inspections, helping you to avoid otherwise costly repairs right after you’ve bought your property.
With over 30 years of experience, you can count on us to carry out comprehensive and reliable surveys for your peace of mind. Get in touch with us today to arrange your survey.
