& WHY YOU SHOULD GET
A SURVEYOR'S REPORT
First the good news: your bank or lending institution has granted your mortgage. The bad news: most mortgage lenders are not too concerned about the actual comprehensive condition of the property as long as they know that the building is accurately valued, will remain standing for the lifetime of the mortgage and they are confident that you can pay back the monthly mortgage repayments.
Because the mortgage lender has no vested
interest in the actual condition of the property,
it may well be worth your while investing
a few hundred euros hiring a competent
surveyor to let you know
how much extra you may need to spend
to get the property in top condition,
either for living in yourself as a family home
or for renting out.
Imagine you have agreed a tentative figure of say
€ 250,000 for your potential new home with
the present owner. You are granted a
mortgage of € 200,000 and
from your own savings or helpful relatives you
have scraped together the remaining € 50,000.
Before you pay over any money, it might be advisable to ask a surveyor to let you know how much extra is involved in restoring the property.
Remember, from the point of view of the mortage lender, the condition of the wiring, plumbing, internal/external decor, possible sewerage problems, flood risk etc., are not important as long the surveyer passes the houses, but in terms of the extra money you may need to spend, they are important issues to YOU, especially if you are on a tight budget.
A competent surveyor will conduct a comprensive examination of the main structural components of the property, such as floors, roof condition and timberwork but they will also tell you the parts of the house that, due to inaccessability, thay were unable to examine.
To sum up, spending money early on in the buying process on a full surveyor's report may give you bargaining room with the vendor, if you can demonstrate, in writing, a professional opinion of how much extra money it will cost to improve the house to the standard you expect. If you really want a particular home, spending a few hundred extra euros on a professional survey may save you thousands in the long run.
SELL YOUR HOUSE & KEEP YOUR TRACKER MORTGAGE
NATIONAL RESIDENTIAL PROPERTY PRICES INCREASE BY 10.6 %
DUBLIN REGION 22 % | YEAR END MAY 2014
All information supplied by IrishHouse.ie/PropertyRegister.ie is subject to errors & omissions and does not constitute legal, investment or any other form of advice. Always obtain independent professional advice for your own particular situation.
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