Buyers commission homebuyer reports to provide them with vital information relating to a property purchase. For most people, the decision to buy a certain home will be one of the biggest financial choices they ever make, so their choice of homebuyer’s report can make all of the difference in obtaining the right level of information.
As a potential homebuyer, you may have commissioned a level 2 or level 3 report which goes into detail about the property’s condition, any structural issues, planning issues, maintenance concerns, potential running costs and other types of detailed data.
But what should you do when your homebuyer report flags up issues that you simply didn’t expect? After all, you’ve already spent money investing in the homebuyers report cost, so the prospect of pulling out of the purchase may be particularly worrying.
The good news is, however, that most issues flagged up on a homebuyer’s report can be resolved. Remember, the job of the surveyor is to unearth anything that could be a potential issue over time, but this doesn’t mean that it is an immediate issue. If something of concern is flagged, then these are some possible courses of action:
-
Commission a full building survey
If your level 2 homebuyers’ report has flagged up something that may need further investigation, you may want to commission a full building survey to find out more This will provide you with a full level of in-depth detail and information that will allow you to make an informed decision. When you use a surveyor such as Sam Conveyancing you have the peace of mind that you are using a qualified professional who can really get to the bottom of the issue you have picked up on.
-
Negotiate the price
For most buyers, this will be the next course of action, especially if they have commissioned a builder’s survey for the surveyor to get under the ‘skin’ of the house and actually look in the attic, under floorboards and behind cupboards. If a detailed report shows that there is expensive work to be done in order to bring the house up to an acceptable standard, you may want to ask for a reduction in price. You may otherwise ask that the sellers carry out the remedial work.
As a buyer, you are often in a strong position when a homebuyer’s report reveals that the sales price is likely to be too high. If there is work that needs doing, that is likely to make the home difficult to mortgage and insure, for example.
On the other hand, the issues that are flagged up by the report may not be that concerning to you, so it’s good to get further detail and context from the surveyor who wrote the report. For example, they can advise whether the issue is something that needs an immediate fix or not. If you are planning to renovate anyway, you may find that the issue is simply mitigated as part of the renovation work, for example.
Other things may seem serious but actually be quite quick and easy to sort – such as issues with guttering which would cause serious damp concerns if left untreated over time, but which can be fixed easily with new guttering! The important thing is not to panic and then to consider the best course of action for your circumstances.
Buying a house is rarely a smooth process, but issues with the homebuyers report can usually be worked through for the best outcome all round.