Negotiating the purchase of a home is a delicate dance between buyer and seller. When both parties come to the table with different needs and expectations, finding a happy medium can often boil down to how well each party can negotiate and what each side has to offer in terms of ammo. During this intricate process, having reliable information about the condition of the property is crucial for being able to really pack a punch in the buy or sale. This is where a RICS (Royal Institution of Chartered Surveyors) Home Survey can play a pivotal role in empowering buyers and facilitating successful negotiations. Here at Able Surveyors, we’ve compiled a guide to the power of negotiation and how we can help you get exactly what you want from your sale or purchase.
Understanding Our RICS Home Surveys
Our RICS home surveys are comprehensive inspections conducted by our chartered surveyors, each of whom are experts trained to assess and report on the condition of residential properties. We offer three levels of RICS surveys, but two main surveys that can help you determine the quality of the property you are looking to buy or sell:
RICS Level 2 Homebuyer Report
The RICS Level 2 Homebuyer Report is a survey that, while detailed, isn’t as in-depth as the Level 3 Survey but perfect for those looking to buy a property. It is ideal for situations where the house or property appears to be in decent condition, but may not meet all regulations or guidelines. A survey can determine the severity of issues including damp or subsidence, as well as any potential easy-to-spot issues that could cause problems in the long run. Included in a Level 2 survey is:
- Detailed inspection of interior and exterior features
- Inspection of associated utilities and some grounds aspects
- Concerns graded using a traffic light system
- Detailed, professional advice on addressing faults
For more run-down properties or situations where a property will be developed or undergo significant alterations, a Level 3 Building Survey is recommended.
RICS Home Survey Level 3
Our RICS Home Survey Level 3 is our most in-depth and comprehensive survey, providing insight into the condition, construction and work required for the interior and exterior of your chosen building. This survey is typically recommended for properties that are either over 50 years old, listed buildings or historic buildings, buildings constructed in an unusual way, and properties that have been or are set to be altered or refurbished in any way. The Level 3 Survey will typically include:
- Visual inspection of property
- Hidden defects inspections
- Traffic light grading system for severity of defences
- Legal issues that may arise with property
- Repair options including informed recommendations
- Technical details of construction and materials
- Potential future maintenance requirements
The Power of Knowledge in Negotiation
Knowledge is power, especially in real estate negotiations. A RICS home survey arms buyers with a thorough understanding of the property’s condition, identifying potential issues, defects, and necessary repairs. This information not only helps buyers make informed decisions but also provides a solid foundation for negotiating the price.
A RICS survey report provides evidence-based insights into the property’s condition, allowing buyers to negotiate with confidence. If significant issues are discovered, buyers can use this information to request repairs or price adjustments, ensuring a fair deal for both parties.
Uncovering Hidden Issues
Properties may have hidden defects that are not apparent during a casual viewing. A RICS L3 home survey delves deeper, inspecting the structural integrity, plumbing, electrical systems, and more. By uncovering these hidden issues, buyers can negotiate a fairer price that reflects the true condition of the property and ensure that they aren’t caught off-guard by surprise issues.
Surprises in real estate transactions can lead to disputes and jeopardise the deal. A survey helps to avoid these unexpected complications by revealing any potential problems upfront. This transparency fosters a smoother negotiation process and reduces the likelihood of last-minute disagreements.
Saving Money in the Long Run
While a RICS home survey may require an upfront investment, it can save buyers money in the long run. By identifying issues early on, buyers can factor potential repair costs into their budget and negotiate a purchase price that reflects the true value of the property. It will ensure that you know the property you’re looking to invest in is worth the investment in the first place and that it will remain in-budget even after negotiations take place, and ensure that you aren’t caught unawares or left without the funds needed to move forward.
The power of negotiation in real estate cannot be overstated, and having the right information is the key to success. A RICS Level 3 home survey provides buyers with a comprehensive understanding of a property’s condition, enabling them to negotiate confidently and make informed decisions. In the complex world of real estate transactions, the investment in a RICS survey is not just about buying a home; it’s about securing a sound and fair deal for the future.
For more information or to book your survey with our team, we are on hand to help. Simply get in touch to get started.