Buying a home in Somerset presents a unique set of challenges, be it a leasehold or freehold, so it is imperative to acquire a comprehensive understanding of the property’s condition before making an investment. One pivotal aspect of this process is to commission a RICS homebuyer survey. RICS homebuyer surveys in Somerset are important, as they assess the condition of the property, highlight any urgent repairs needed, and help identify potential legal issues. The cost around commissioning these surveys can vary depending on the type of survey you opt for and the size of the property.

Why get an RICS Homebuyers Survey?

Structural engineers  frequently find construction issues, utility faults and potential legal disputes when surveying Somerset homes. Yet, only one in five buyers obtain an RICS HomeBuyer Report before purchasing a property.

Members of our network can uncover the truth about your potential home’s condition through home surveys to help you decide whether or not your property of interest is a safe investment..

Benefits of an RICS HomeBuyer Report

Acquiring a RICS HomeBuyer Report in Somerset brings with it an array of benefits for those looking to purchase a property. Here are some of the key advantages:

Comprehensive Overview of Property Condition: The RICS HomeBuyer Report provides a thorough examination of the property’s condition, highlighting any structural issues or potential repairs needed, thus enabling you to make a well-informed purchase decision.

Traffic Light System: Homebuyers reports in Somerset employ a traffic light system, indicating the severity of potential issues. This offers a simple, easy-to-understand summary of the property’s condition, helping you prioritise urgent repairs.

Market Valuation: As part of the homebuyers report, you have the option to get a market valuation conducted by a RICS registered valuer(at an additional cost, though discounted compared to a stand alone valuation). This assures you’re paying a fair price for the property, based on its current condition and the local market.

Reinstatement Cost Assessment: The report provides an estimate of the rebuilding cost of the property for insurance purposes(at an additional cost, though discounted compared to a stand alone valuation).. This ensures you’re adequately covered should anything happen.

Legal Issues Identification: Homebuyers reports can identify potential legal issues that might affect the property’s value. This is important for avoiding potential complications or disputes in the future.

Negotiation Power: If the homebuyers report unveils any serious issues, it could provide you with the leverage to renegotiate the price with the seller or ask them to rectify the problems before completing the sale.

Peace of Mind: Above all, an RICS HomeBuyer Report gives you peace of mind. Knowing the condition of the property you’re about to invest a significant amount of money into helps reduce stress and uncertainty.

Mortgage Approval: Many mortgage lenders require a property survey from a recognised body like RICS before approving a mortgage application. The RICS HomeBuyer Report meets this requirement.

Long-Term Savings: While there’s an upfront cost to obtaining HomeBuyer Reports in Somerset, it could save you money in the long term. Identifying and addressing issues early on can help you avoid costly repairs in the future.

Professional Expertise: Members of the Somerset Structural Network have a wealth of knowledge and experience in assessing property condition. You benefit from expert insight, ensuring the property is thoroughly vetted.