When buying a home, for most of us it will probably the biggest purchase in our lives, yet still only about 1 in 5 commission an independent survey on the condition of the property they buy.
The average buyer who does not get a home survey spends over £5750 on unexpected repair bills when they move in. RICS also states that 17% of new owners ended up paying more than £12,000 to make their homes habitable.
For many people, a survey offers the rare opportunity to receive independent and impartial advice from a qualified professional with years of experience in the field. These RICS regulated surveyors will utilise their expertise in the housing market to identify any potential issues, assisting in your final decision on whether to progress with the transaction.
By choosing a local surveyor, you can guarantee they will be able to draw upon extensive local expertise, for instance, they will often have bespoke knowledge regarding the local property market, as well as a developed understanding of any environmental risks, such as subsidence or flooding.
A valuation is NOT a survey – Property surveys are for your benefit, whereas valuations are for lenders to decide whether a property is safe to lend on – you shouldn’t see a valuation as a substitute as it does not give the condition of the property.
In the case that your survey does identify several issues regarding the condition of the property, the report can subsequently be used to effectively renegotiate the price with the seller.
After getting costing for the repair needed, you can either use theses figures to reduce the price or to request the seller does the repairs themselves.
Not undertaking a survey can result in an uninformed homebuyer who does not know the true condition of the property.
This can be an extremely costly mistake. A survey helps the buyer understand the condition of the property and then possible future costs, allowing for an informed purchase price.