So you’ve found what you think could be the home of your dreams and have received a valuation survey from your prospective lender – so you don’t need ‘another’ survey right? Wrong.
Many buyers hear the words ‘valuation survey’ and mistakenly think that their property has been thoroughly inspected. However this type of survey does not involve any in depth inspections and is strictly for the lenders benefit only to provide them with enough basic information to decide if the property is suitable and safe to lend on.
A building survey can highlight potential issues and defects that may not be immediately obvious when viewing a property during a valuation survey. Things such as structural damage, problems with the roof and wet or dry rot can be easily overlooked if a thorough inspection is not undertaken and they will get increasingly worse over time resulting in some very expensive repairs.
Still wondering if you really need that survey? Here are 5 reasons that all buyers should have a building survey carried out on their potential property.
- A survey can save you a lot of money in the long run!
Research from the Royal Institute of Chartered Surveyors (RICS) has shown that 20% of buyers who chose not to go ahead with a professional buyer’s survey, uncovered faults following completion that on average cost £5,750 to resolve.
On top of this 17% of these new homeowners that didn’t get a survey had to spend over £12,000 on average just to make their property liveable!
The cost of a building survey is a fraction of what buyers can potentially end up having to pay for expensive repairs so is well worth investing in.
With buyers already having to pay out stamp duty, moving costs and solicitors fees the thought of spending money for a survey can seem like an unnecessary addition at and already expensive time.
However not only can a survey help save you money in the future by making you aware of potential work that needs doing but they can also be used to help buyers to renegotiate offers with the vendor. If warranted, buyers can even request that these things are remedied and corrected before completion.
- Surveyors are professionally trained to spot what others would miss.
It doesn’t matter how many times a buyer has seen the property or if ‘their mate Dave the builder’ has taken a look round - Surveyors Essex
are experts at knowing exactly what to look for and where to look for it. They are trained in forensic building investigations, have professional indemnity insurance and are completely objective with their findings.
Research shows that on average a buyer would have made 2 visits and spent around 38 minutes in total at the property before going ahead and making an offer to buy, following which most are likely to not return again until they officially own it and are being handed the keys on moving day.
When hiring a trusted, qualified surveyor you can request to meet them at the property to look around again as well as go through the surveyor’s findings and ask any questions you may have.
It can be incredibly daunting making such a huge, potentially life changing and expensive purchase. By having a professional building survey carried out on the property, buyers are given all of the information detailing any problems, potential issues or necessary repairs so that they make plans and budget accordingly ready for when they move in.
A lot of new home owners plan on decorating, renovating and buying new furniture etc. when they move into their new property. Without a survey they can instead find themselves needing to make unplanned, immediate and costly repairs that can cause financial strain at an already expensive time.
The peace of mind buyers get from a survey means they can proceed with confidence and feel reassured that they won’t be getting any unwelcome problems once they move in so they can focus on making their new house a home.
- Surveyors - looking out for the buyer.
Unlike a mortgage valuation survey which is purely for the benefit of the lender – an independent chartered surveyor works on the buyer’s behalf to help uncover potential issues that could cost money or cause problems down the line.
Your surveyor will be on hand to discuss their discoveries and offer fair and impartial advice on any findings to help buyers make a fully informed decision on their purchase.
A building survey should not be seen as ‘another additional cost’ but as a worthwhile and sound investment that can help reduce risks and provide vital information for one of the biggest purchases of your life!