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Do I need a Pre-Acquisition Survey as a home buyer?

By: Kelly Bellerson
News
11/09/2023

Purchasing a home is a huge milestone, therefore, it’s essential not to overlook one crucial step in the buying process: the Pre-Acquisition survey.


What is a Pre-Acquisition Survey?

A Pre-Acquisition survey is a comprehensive examination of a property’s condition before a purchase is finalised.

Also known as a “home buyers survey”, “residential building survey”, and both “level 2 building survey” and “level 3 building survey” its purpose is to identify any issues or potential problems that could arise over time.

In a nutshell, a Pre-Acquisition Survey, a Home Buyers Survey, Residential Building Survey, and both level 2 and level 3 building surveys are the same service, tailored to residential properties.


What can a Pre-Acquisition Survey do?

One of the best reasons for obtaining a pre-acquisition survey is that it can identify issues that may not be immediately visible to the untrained eye.

While a property may appear perfect on the surface, there could be lurking structural problems, water damage, or even pest infestations that might not be apparent during a casual walk-through.

This is where a professional surveyor can uncover these issues, helping you make an informed decision and potentially saving you from costly repairs down the road.


Negotiating power

One thing not many people know about having a pre-acquisition survey is that it can provide you with significant negotiating power.

If the survey reveals issues that need attention, you can use this information to renegotiate the purchase price with the seller.

Alternatively, you can ask the seller to address the identified problems or reduce the sale price to account for the necessary repairs. This negotiation leverage can help you get the best possible deal.


Allow budgeting for repairs

A pre-acquisition survey helps create a realistic budget for any necessary repairs or renovations.

By knowing the condition of the property upfront, you can plan for immediate fixes or future upgrades more accurately.

This financial preparedness can also prevent unexpected financial burdens and ensure that you have the resources to maintain your new home properly.


Provide you with peace of mind

Buying a home is a significant financial commitment, and it’s only natural to want peace of mind. This type of survey provides you with that peace of mind by confirming it’s current condition.

Knowing that you’ve thoroughly assessed the property can alleviate a lot of anxiety and uncertainties associated with a big investment like this.


When is a Pre-Acquisition Survey a must?

In some cases, lenders may require a pre-acquisition survey as a condition for providing a mortgage.

This requirement is often more common for older properties or those located in regions prone to specific risks, such as flooding.

Additionally, a pre-acquisition survey can assist in obtaining the appropriate insurance coverage, ensuring that you are adequately protected against potential property-related issues.

Overall, it’s really a must if you want to get the most out of your home and ensure it’s in good working order all year round and for years to come.


Planning for the future

A pre-acquisition survey can also aid in long-term planning for your new home. By understanding the condition of the property and its various systems, you can make informed decisions about future maintenance and upgrades.

This proactive approach can extend the lifespan of your home and reduce the risk of major, costly issues occurring later.

While it may require an initial investment of time and money, a pre-acquisition survey is a wise choice that can save you from unforeseen problems and financial stress in the future.

So, before you sign on the dotted line, consider investing in a pre-acquisition survey to ensure that your dream home doesn’t turn into a costly nightmare.

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