Research by RICS – the Royal Institute of Chartered Surveyors – recently caught my eye because they uncovered that a quarter of all home buyers who did not have a sufficient survey conducted on the property they purchased, then had to pay for unplanned works.
On average, the cost of these works – which tends to include roof repairs and damp proofing – came to almost £2,000, with many much higher.
But from my experience getting the right survey can help home buyers make properly informed decisions on whether to actually purchase the property, before they legally commit.
Many home buyers often confuse a mortgage valuation report with a full survey. But the valuation is only an indication of the property’s value, prepared for the lender’s benefit, not the buyer’s.
I would recommend buyers obtain at the least, a Home Buying report, which includes an inspection and report on the property’s condition, plus a valuation.
A Home Buying report gives the buyer information to negotiate with in terms of the price of the property.
Very often a seller will not even negotiate on the price of the property unless there is a proper report confirming the works needed and the likely costs involved.
The other option is the full building survey, which will provide a detailed report on the state of the property. This is particularly recommended if the house is very old, or has been altered or extended. The results of the survey could help a buyer achieve a better deal.
By residential conveyancing solicitor, Tom Bridge
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