Important Points to Consider Before You Buy a New Home

Before you buy your new home – some important points for you to consider…
It would not be unusual when buying a second-hand car to have it thoroughly checked for hidden defects, perhaps by the AA or the RAC or a local mechanic.

The inspection may reveal a great little car that is likely to be good value for money and reliable or it could reveal the exact opposite, a vehicle which appears fine on the surface but upon closer inspection may need a great deal of repair!

Whatever the result the inspection gives the buyer peace of mind that the car that they are buying is in good working order or it enables them to either walk away or negotiate an even better price for the car to take into account the likely cost of any repairs.

Research, however, shows that when it comes to probably our greatest asset, our house, we are less likely to take the same prudent steps.

When purchasing a property most people rely solely on the basic mortgage valuation instructed by and for the mortgage lender.

Research recently conducted by the Bradford and Bingley proves that very often (in 71% of cases), an independent survey saves the client at least the cost of the report in reduction of the purchase price or through the vendor having remedial works carried out prior to exchange of contracts.

Within the market generally there has been a substantial increase over the last few months in the levels of private survey instructions, probably as a result of a slight recovery of the property market but it may be also as a result in these toughened economic times of buyers wanting to be sure that they are obtaining true value for money and that they are not likely to be exposed to any future problems.

Most major lenders and solicitors do now suggest that their customers obtain an independent survey in addition to a basic mortgage valuation but astonishingly still only about 20% of the people actually commission a survey at a greater level than a mortgage valuation.

The benefit of an independent survey is that buyer obtains true peace of mind and it give s the buyer an “insurance policy” against defects being present in the property.

Many of our clients have walked away from purchases as a result of information that has been brought to their attention that they wouldn’t otherwise have had, or alternatively are able to negotiate a reduction in the purchase price to take into account defects or problems that are likely to have cost implications moving forward.

By far the vast majority of buyers who obtain a survey however are very pleased to find that actually there are no issues with their property and they can proceed with the purchase safe in that knowledge.

By: Dan Butt