Negotiating the purchase of a home is a delicate dance that takes place with every home purchase. Everyone involved in this dance, the seller, buyer, real estate agents and lenders have different goals and expectations, but the result hinges on finding a middle ground for a closing. How well each party negotiates and with what respective ammunition can vary the results of the negotiations. Part of being able to pack a punch in the buy or sale of a property hinges on having reliable information about the condition of the property to help reinforce price talks. This is where an RICS (Royal Institution of Chartered Surveyors) Home Survey can help the buyer to make sure that they have the best possible ammunition for their purchase.
Different Types of Property Surveys in Wimbledon London
The RICS building survey is the newest addition to the team’s suite of surveys. With over a century of chartered surveying practises to draw upon, their in-house teams have the knowledge and expertise to examine every aspect of your property. Whether you live in an apartment or a mansion, a listed building, conversion or new build, our expert surveyors will provide you with the information you need to make an informed decision on the purchase of your next property.
The RICS Level 2 Homebuyer Report (Survey) is quite detailed but not as comprehensive as the Level 3 Survey, which is a more detailed property report designed especially for potential house purchasers or people who would like an in-depth look into the condition of an already-owned home.
RICS HomeBuyer Report v RICS Full Building Survey
The Homebuyer Report is therefore more suitable for looking at a house or a property that seems to be in fair condition but may not be within all the regulations or guidelines. This report can also determine how much of a problem there is with issues highlighted, such as damp or subsidence, as well as any other possible problems that are noticeable which could cause any issues in the long term.
The RICS Home Survey Level 3 is the most comprehensive survey offering a more extensive level of service for properties of all types under all conditions. This detailed survey provides you with an in-depth analysis of the property’s condition, presents advice on defects that may significantly affect the property, and outlines the maintenance options. RICS Home Survey Level 3 is ideal for:
- buildings over 50 years old
- buildings over 4 storeys
- Listed buildings
- historic buildings
- buildings constructed unusually
- non-traditional construction
- properties with modifications or extensions
- non-residential
Why do you need a Full Building Survey for a Property Purchase in Wimbledon London?
Knowledge is power, especially when it comes to the power to negotiate. Particularly in the case of property, you want to buy, which is why an RICS home survey is always a good idea. You will have a sound knowledge about the condition of your property, issues that may arise and repairs that may be required. This informs your decision to buy but also gives you the confidence to negotiate the price. A property can often have hidden defects that may not be visible when viewing the property.
A Level 3 RICS home survey inspects the structural integrity of a property as well as plumbing, re wiring, after a more in-depth look at the property if problems are found with the property then you can renegotiate the price with the seller. This will prevent you from getting any nasty surprises. Although there is a charge for an RICS home survey, it could save you money in the long run. If there are any issues found, you can take into account the repairs and negotiate the purchase price. Finding out this information from the start could also mean that the property you are going to invest in is going to be worth the investment and go under budget even after negotiation and won’t be a nasty shock or one that you simply haven’t got the funds to move forward with.
