These upcoming two weeks (13-26 February) mark First Time Buyers fortnight and with this in mind, we’re urging first time buyers to become more familiar with the buying process, including the importance of commissioning a Home Buyer Survey before committing to purchasing any property.
First Time Buyers fortnight aims to inspire and empower people to own their first home and to climb the housing ladder. Yet feedback from our professionals has revealed that many first time buyers do not know enough about the core buying matters in the current tough housing market, where competition for homes in popular areas is fierce.
In fact, recent research revealed that 51% of our members surveyed thought that buyers did not know the difference between a mortgage valuation and a Home Buyer Survey – a thorough property report on a home’s condition – with many believing the former is a type of Home Buyer Survey.
Buying A Home – our step by step guide
We’ve developed a ‘Buying A Home’ Guide which offers clear impartial advice and support on all of these issues and more, including what to expect when constructing a conveyancer/solicitor, the mortgage process – including the strict lending requirements – and what financial support is available and where. Plus why it’s important to commission a Home Buyer Survey before purchasing a property as this can reveal if a home has any faults or urgent defects that may affect its value.
RICS’ ‘Buying A Home Guide’ highlights the different types of Home Buyer Surveys and the one you should instruct, based on the type of property you are purchasing. If the survey report discovers any issues such as structural problems, damp or decay, you can make an informed decision on your next steps, which could include negotiating a reduction in the asking price, or even withdrawing your offer if the seller refuses to lower the price or pay for the repairs.