Especially for first-time buyers, there are a lot of obstacles that come about when buying a property. It’s important to understand what you are buying, its valuation and that there are no hidden costs that will arise along the way. It’s why many people hire homebuyer surveyors to perform inspections on their property.
But, did you know that there is a homebuyer inspection contingency to help this process? Let’s take a closer look at this and what it covers.
What is a Homebuyer Inspection?
A homebuyer inspection is a streamlined version of the homebuyer report. It is a thorough assessment that provides information to help you decide on your property’s value before you make the final purchase.
Homebuyer inspections are necessary before a real estate transaction can become legally binding. This is according to an inspection contingency. This ensures the homebuyer gets the important information and valuation of the property. Consequently, it gives them the chance to negotiate over repairs, the sale price, or even walk away. Our inspections are all carried out by RICS-qualified homebuyer surveyors with years of experience in the industry.
What Does the Inspection Cover?
Although the level of detail of surveys differs, our homebuyer surveyors will always examine the specific aspects of a home, before writing up their findings in a comprehensive report. Homebuyer inspections typically take between 2 and 3 hours, which afterwards, if you are present, can be explained in person. This allows you time to ask specific questions about the takeaways.
During the inspection, the homebuyer surveyors will note and inspect certain aspects of the property. This includes:
- Identifying certain safety issues and major defects
- If any items need replacing
- Any aspects that are sound but should be watched
What is the Inspection Contingency?
The outcome of the home inspection must be taken into consideration before the offer may be accepted. An inspection contingency gives the homeowner a set amount of time (usually 7 to 10 days) to object to anything discovered during the homebuyer inspection. This makes sure the purchaser may get sufficient data to make a wise purchasing choice.
Why is it Important?
Buying a property comes with its problems. Whether it’s the long process of the chain or moving into a new build and being unsure of its valuation. So, before signing away any money, homebuyers should consider an in-depth inspection that enables them to arbitrate the cost. Homebuyer surveyors are able, with years of experience, to offer their constructive feedback and expertise on a valuation. If this price is much lower than what they are asking for, this gives you evidence to be able to negotiate leverage or even walk away before the final purchase.
Especially for first-time buyers, it’s important to be fully confident with your purchase. Though it is not as detailed as a Building Survey, it can give homeowners solid peace of mind about the valuation of their home and prevents them from making a big mistake. Make sure you hire a team of professional homebuyer surveyors that are RICS-qualified.
The inspection contingency gives homebuyers the opportunity and leeway they need before committing to the final purchase. Talk with homebuyer surveyors about your plan to ensure you adhere to all conditions and procedures.
With over 30 years of experience in the construction and surveying industry, our team at Surveying People consists of RICS-qualified homebuyer surveyors. Our London surveyors cover areas including the North, North West, Harrow and Central boroughs. We provide a range of services, including Level 3 Building Surveys and Homebuyer Inspections.
For more information, or to receive a quote on our residential surveys, fill in our form here. Or, speak to one of our homebuyer surveyors today and call us on 020 8203 1281.