What You Need To Know About The Condition Of Your New Park Home
A residential park home may look modern, but when you’re spending five or six figures on the property, you need to know if you’re receiving value for money.
Moving to a residential park facility is an affordable way to downsize from traditional accommodation, but even though the price tag of such a home may be cheaper than a typical property, you still want to make sure that you’re receiving value for money. As such, having a survey conducted prior to your residential park home purchase is a savvy plan for anyone considering this type of move!
What Type of Survey To Get
It’s important to understand that the vendor is under no obligation to provide you with a survey report, so the onus is very much on you as the buyer to explore the condition of the park home you’re buying. A residential park conveyancing Essex team explains that there are a number of different surveys that you can opt for. If you’re relying on taking out finance to purchase your home, then your lender may require you to pay for their own survey valuation report as well as your own. You should use a surveyor who is regulated by the Royal Institute of Chartered Surveyors. Typically, the following reports will be available to you:
- RICS Condition Report – this is usually the most affordable and most basic survey type available which will point out any obvious defects about the residential park home you’re purchasing, but it doesn’t go in-depth in terms of advice or providing an accurate valuation.
- RICS Homebuyer Report – if the park home you’re buying is pre-owned but in reasonably good condition, this could be an appropriate option for you. The report will highlight any structural problems that exist or issues such as damp, and in some cases valuation details might be offered by the surveyor which can help you to renegotiate the price if there are any discrepancies between the asking price and the valuation price.
- RICS Building Survey – this inspection is much more thorough than the Homebuyer or Condition reports available and will provide you with a rating system to determine the seriousness of the points that are raised about the park home’s condition. This might look at elements such as guttering, floorboards, ventilation, plumbing installations and down pipes. The report will also explain the consequences of not dealing with the issues raised in this report.
- Full Structural Survey – this is the most detailed survey available, and in many cases will be unnecessary for the purchase of a residential park home which is likely not more than a few years old. However, if you do go for this option, then you can expect a comprehensive guide to the condition of the property as well as an outline of repair options you can take.
The Results Of Your Survey
Once you receive the feedback from your survey, you can liaise your solicitor to decide which points to take action on. If there are any structural defects or necessary repair work that needs carrying out, you may wish to negotiate with the vendor to pay for any fixes prior to exchange, or else renegotiate the sale price to take these costs into account. Your solicitor may refer to the Mobile Homes Act of 2013 during their negotiations with the vendor to ensure that you’re receiving a good deal.
If you have any doubts about the type of survey you should take out, then it’s best to speak to your residential park solicitor who will be able to advise on the report that they would be most comfortable working with throughout their conveyancing tasks.