Why You Need A Home Survey Before You Close
If you are currently in the process of building or buying your own home, one of the highest priorities that you’ve got has to be your home survey. As part of the process before you sign on the dotted line and close the deal on the House, you need to have the home surveyed so that you can ensure that the house is looking exactly the way you need it to.
You also need to make sure that you don’t have to worry about paying out for termite control or dealing with having half the house ripped apart because wooden beams are being eaten. A survey has many benefits, and here are four of the most important reasons while getting one should be one of the highest priorities on your list when you buy your house.
- The valuation the mortgage provider gave you is not for your benefit. Most people don’t realise that when their provider says they’re going to do a valuation of the property they mean get a price for lending purposes. An evaluation is a completely different thing. A lender valuation doesn’t tell you the condition of the property and it doesn’t tell you whether or not the foundations are crumbling underneath you. You need a detailed survey to tell you whether or not the house requires any repairs or maintenance that needs to be done before you can comfortably move in. You want to be stung with a huge repairs bill, so make sure that you get everything covered as early as possible.
- You will face massive repairs. If you don’t get a survey before you close on your mortgage, you won’t know about the hidden defects. Wet or dry rot, structural damage, issues with the roof and more could be the issue. These are problems that can and do get worse overtime and they can be inexpensively fixed. If you don’t get your survey done you could face thousands worth of repairs when you move in and you don’t want to risk this. You may need to do even more repairs to make the house habitable, and that can be avoided.
- You could renegotiate the price of the property. If the survey report shows that there are defects that require repairs, it doesn’t necessarily mean you shouldn’t buy it. You can point them out to the seller and negotiate on the asking price to reflect the fact that you’re having to pay for the repairs yourself. When you decrease the purchase price, you’ll have the money to do the repairs by someone you can trust.
- You are making a big decision. This is one of the most expensive and potentially biggest purchases of your entire life. You have to ensure that you make the right choices here and if you don’t get a survey done you could be shooting yourself in the foot later. Building surveys are going to help you to sign on the dotted line with a clear idea of exactly what your house is and what it looks like.
