A Home Survey is a savvy decision when considering purchasing a property. But, if the results of the survey are not as you expected and something critical is found, where does that leave you and the property you thought was going to be your new home?
It’s true that buyers can often be put off when problems are highlighted by Chartered Surveyors. However, just because something you hadn’t noticed is brought to your attention, it doesn’t always mean that the house sale will fall through.
Negative Home Survey – What Does it Mean?
The first thing you should do when you receive your Home Survey report is to speak to the surveyor. Your Chartered Surveyor will be able to talk through the report and give you expert guidance on the severity of the issues to help you understand the implications for the property.
The information you will need is: whether or not the issues in the report require the attention of specialist contractors and whether that could add up to a costly bill for you – the potential new homeowner.
Finding out how much problems will cost to fix
If your surveyor has recommended that the further investigations should be handled by specialist contractors, your next step would be to contact builders or other specialists who are able to help and ask them for a quote for the repair work. Though the price could change in the future, you will be forewarned of the likely expenditure to have these issues rectified or repaired.
In this case, you could also make the seller aware that you are still interested in the property but need to find out how much the issues will cost you after the purchase is completed. This allows the seller to recognise that you are still interested and reduces the risk of them finding another buyer.
Can I reduce my offer after a survey?
As long as you have not exchanged contracts on the property then you are able to reduce your offer to reflect the results of the Home Survey. There is no guarantee that a new offer will be accepted, however, you are now in a better position to negotiate as you have written proof of the defects and/ or their likely costs.
Common Problems found in house surveys
There are a numerous issues that Chartered Surveyors are looking for, including;
- Structural movement
- Timber problems, such as wet or dry rot and woodworm
- Japanese Knotweed
- Dated electrical wiring
Many of such issues will be flagged as potentially hazardous to a property during the course of a Home Survey. Find out more about the common problems in house surveys here.
Dealing with negative issues in a Home Survey Report
Finding out that the property you are proposing to buy has structural or other issues can be quite alarming. However, investing in a Home Survey is a well-thought decision that will give you a complete perspective of the current state of the property which, after all, you will be responsible for legally and financially. The results of a negative Home Survey report can help a buyer prioritise remedial works to their new property and does not necessarily mean you can no longer go through with the purchase.