As a first time buyer, your first home purchase is probably the most significant and most important financial transaction you will have made to date.
With such a life-changing financial commitment it is therefore important to seek advice from an experienced and qualified surveyor to give you peace of mind that the property you are buying is not only the lifestyle home you dream of, but a sound purchase for the longer term that doesn’t require imminent substantial repairs.
Choose your survey
There are several types of home surveys available for first time buyers to choose from as suggested by the Royal Institution of Chartered Surveyors. The RICS HomeBuyer Report provides an independent valuation of the property and an outline of any pressing concerns that your surveyor believes could make an overall difference to the value of the property.
A Building Survey is a more detailed report on the condition of your chosen property and the standard of its construction and is most useful for older properties. First time buyers may consider a Building Survey if they are considering extensive renovations or conversions to the existing building.
First time buyers purchasing a property in a new area of the country are encouraged to search for a chartered surveyor that has expert local knowledge of the region you are moving into. At reallymoving.com we can supply instant survey quotes to first time buyers from trusted surveyors in close proximity to the postcode of your new property.
Depending on the age of your chosen property you may wish to choose a Chartered Surveyor who specialises in older properties. Surveyors are also qualified to advise first time buyers on any alterations, conversions and often have knowledge of local planning issues you may encounter upon purchasing the property and its surrounding land.
Valuation Survey and the lender
A valuation survey will also be requested by your mortgage lender prior to accepting your mortgage application. The lender usually insists on using their own surveyor (that you will have to pay for. A lender’s valuation survey will determine whether the property is worth the amount negotiated and whether the lender should agree to give you a mortgage for the property.
It is important to note that a mortgage valuation is not obliged to reveal to first time buyers any structural issues with the property. It is simply to inform the lender that they can get their money back on the property should you stop paying the mortgage. This further presses home the need to arrange your own independent survey that allows you to discuss the results and implications of any future maintenance.
It is highly likely that the property lawyer in charge of your conveyancing will advise you to arrange a home survey before you purchase your first property, rather than becoming too reliant on the mortgage valuation carried out by the lender.
A home survey can save first time buyers thousands of pounds in crippling future repair bills, particularly if your chartered surveyor is able to spot any construction or conditioning problems in the early stages such as dry rot, damp, cracked chimneys etc.
The technical expertise and local knowledge of a chartered surveyor is a critical investment to minimise the risks before committing yourself legally and financially to the home of your dreams.