06 November 2018

A Jargon Free Survey Can Help You Sell Your Home

Posted by: IanWatson

Selling your home can be difficult and it is easy to become too wrapped up in your own needs. A lot of people overlook the fact that selling your home can be an emotional process. If this is the home you have known and loved for many years, where you created so many happy memories, it can be hard to let go. This creates a situation where many vendors focus on themselves but if you are looking to sell your home in the most appropriate manner, you should consider what a buyer is looking for.

When the buyer is happy and content with what they see, it is more likely that you can make a sale. Therefore, issues that prevent a buyer from feeling happy or content with the buying process will harm you or set you back. An issue that causes problems for many prospective buyers is the confusion surrounding surveys and reports.

A buyer wants to make an informed decision

It is natural that a buyer wants to make an informed decision when buying property. A survey or report provides insight into what the home is really like, offering tremendous value and information for a buyer. However, not every buyer is aware of the importance of these surveys or indeed of the merits of the individual surveys.

There are some buyers who believe that the mortgage valuation report is of merit to them, providing them with all the insight they need before deciding to buy a home. This isn’t the case. The information contained in this report is only of value to the mortgage lender, and it shouldn’t be considered by a buyer who is keen to find out the true condition of the home they wish to buy.

Moving beyond the mortgage valuation report, the three main surveys or reports available for property buyers are:

  • The condition report
  • The homebuyers report
  • The building survey

The building survey is the most comprehensive of the three reports while the homebuyers report is the most commonly selected. If you are buying a new build property or you are confident that your home is in excellent condition, the homebuyers report should be sufficient.

However, if the home a buyer intends to buy is old or is peculiar, it is advised that they opt for the building survey.

There are issues with the homebuyers report

While the homebuyers report is the most common choice, it is far from perfect. There are some issues with this style of report with the biggest concern being the fact that there is no consistency between different reports. Professionals working n this field are not obligated to work towards a standardised style or template, and this often causes confusion for buyers.

RICS are calling for standardisation with respect to the homebuyers report, staged over three levels. Each level would clearly state what information will be contained within it, and it is then up to the buyer to choose the report they feel best meets their needs.

The organisation released a statement through Tom Littler, 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.”

When you are selling your home, it is easy to focus on yourself as opposed to the buyer. However, if the buyer is confused or not satisfied with the findings, they are less likely to make an offer on a home. If you are selling your home and want the best standard of support and guidance, contact Mitchells Estate Agents and we will be more than happy to assist you.

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