The vendor must always consider the needs and aims of the buyer, and if there are matters that cause problems to the buyer, they cause problems to the vendor. Therefore, you need to be aware of problems that buyers have because they impact on you, and property surveys are an issue that many buyers are unhappy with.
One of the biggest issues that buyers have is the confusion surrounding property surveys. A buyer needs to feel confident when buying a home, and it is natural for many to arrange a survey on the home. It is always best to make an informed decision.
Buyers want to make an informed decision
However, many buyers are under a misapprehension of what is contained in a survey and whether it is of value or benefit to them. There have been reports that some buyers expected the mortgage survey to suffice when buying property but, this survey is only of value and benefit to the lender.
Moving on from the mortgage valuation, the available surveys are:
- Condition report, which is a basic report which only states major issues
- Homebuyers report, which is more detailed, but it doesn’t provide a considerable amount of information
- A building survey sometimes called a structural survey, and this is the highest level of survey
One issue with this part of the market is that there is no standardised survey. One company may produce a survey which meets the needs of a buyer while another firm doesn’t. This level of confusion and uncertainty is bad for the market, which means that buyers and sellers suffer.
RICS want changes with respect to surveys
There has been a call for clarity with respect to homebuyers survey from RICS. These calls have been made in the form of a three-level survey which would outline everything contained in the report, allowing a buyer to choose which level suited their needs.
Tom Littler spoke on behalf of RICS, saying; “The current system is too fragmented. We perceive that there could be confusion among the homebuying public. The whole idea is to improve the product that a member of the public could receive from a house surveyor.”
As a vendor, you may not think that these surveys matter because they provide information to the buyer, not you. However, given that these surveys are often the factor that helps a prospective buyer make up their mind about buying property, there is an enormous potential for impact on the property market.
At Austin Property Services, we know that many issues feel outside of the control of a vendor, but we are here to help. If you need assistance while staying in touch with what is happening in the property market, contact us and we will be delighted to help.