What happens if your home buyer's survey finds a problem?

What happens if your home buyer's survey finds a problem?

Homebuyer surveys are something that is dreaded by a vast number of people, primarily due to the fact that almost no one fully understands the concept. 

Although, once you know exactly what a home buyers survey is and what to do if a problem arises, things become to seem much clearer.  

In this article, we will be talking about what you can do if an issue occurs when conducting a house buyers survey, whether that be you who is looking to buy said property or even if you are looking to sell. 

It Could Lead to No Sale or a Renegotiation If there is Even a Minor Problem  

The most likely situation to occur if an issue is found when conducting a homebuyer’s survey is that the price will be affected, or it could even lead to a failed sale if the issue is severe enough.  

For minor issues such as a missing carbon monoxide alarm or a small patch of damp, the price will not be affected much, if at all, as most sellers will be more than happy to fix minor issues like that by themselves before selling their property. However, if there is a major issue with the property such as structural or foundational issues, then the price will be drastically affected.  

Whether or not one still opts to purchase a property even though there are some major issues is completely up to each individual, but it's important to know what you are getting into and whether or not you are capable and willing to sort out any issues there may be.  

If you are the one selling a property that flags as having a major issue on the homebuyer’s survey, there are really only two choices. You could opt to still go ahead with the sale, albeit at a drastically reduced price, or you could opt to fix the issues yourself before selling the property in hopes of getting the actual value for said property.  

The route you should go down depends on a wide variety of different factors such as how much fixing said issue will cost, how long it would take, if you are actually capable of fixing the issue or know the right people who can, and finally, whether or not you are even willing to fix the issues.  

All the factors listed above should factor into the decision of whether or not you should still sell your property at a reduced price or to begin the troublesome venture of trying to fix any issues.  

Decide Whether or Not You Are Willing to Fix the Problems 

If you are looking to purchase a property and a few relatively substantial issues pop up on the buyer's survey and the current owner refuses to fix them, the decision of whether or not you should go ahead with the purchase is not to be taken lightly. 

Sure, you may be able to get an amazingly lucrative deal on a property that has some major issues, but that may all be completely negated by the repair costs of fixing any and all issues the property may have.  

Furthermore, that’s even without mentioning all the extra effort and headache that goes into fixing major issues within a property, and you need to decide whether or not you would actually be willing to go through and make said changes.  

Conclusion 

Sure, if a problem occurs on a homebuyer’s survey it can certainly be a nuisance, and it may cause you an extra bit of headache. Although, it is much better than the alternative of buying a property that has a plethora of issues. 

Homebuyer surveys are an essential part of the process of buying a property, and without them, people would be much more susceptible to purchasing a property when they perhaps shouldn’t.  

If you are looking to purchase a property in the UK as well as get expert advice from professionals in the industry, feel free to take a look at our website. We, at TRPE- The Real Property Experts, have listings up for grabs all over the UK, and our qualified staff members can help you every step of the way.  

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