Some buyers think that the expense of a home survey is an added expense to an already costly time. But how many buyers consider buying a vehicle without an MOT or other service documentation? The research conducted by the insurance company Churchill found that across the UK only 25% of homeowners opt to have a property survey when they purchase their first property. But, the figures indicate that 56% of homeowners who had significant building work done on their home after discovering existing problems, stated that if they were aware of the problems before they were discovered, it could have affected their decision to purchase the property. Similar to other second-hand purchases it is beneficial to be aware of the conditions and history before you purchase.
There are many reasons you should have an assessment prior to purchasing the house you want to buy The following is the five most popular reasons:
- A mortgage valuation will not help the homeowner
A valuation provides the lender with the worth of the property they’re lending against, and confirms that it is truly worth the amount you’re paying for it. In the course of the appraisal (usually not more than twenty minutes) particulars of the property, including major issues that could affect the value of the property are considered but the scope of the valuation doesn’t go into the most common problems like dry rot, dampness or subsidence in the same way as the survey. It’s important to remember that the lender doesn’t need to provide the report of valuation to the buyer.
In the past, a surveyor would visit the property for the purpose of preparing their valuation reports. Today most valuations are conducted via a computer, and are referred to as desktop valuations. Desktop valuations don’t require surveyors to go to the property, instead they are based on sales statistics from the past that is taken online and distributed remote.
- Surveyors will conduct an objective and unbiased review of a house
All of our surveyors will take an objective look when they perform a property survey, and this, along with their extensive knowledge and experience, makes it likely that they’ll be able to identify issues that buyers might not be aware of. When the typical home buyer takes about 35 minutes to look over the property prior to deciding whether or not to buy it, our surveyors spend at least two hours looking over properties (depending upon the dimensions). Our surveyors also visit to areas you would not have visited prior to making the move, like the attic!
- You can avoid a large bill later on. If you’re unable to pay for an inspection, will you be able to pay for unexpected repairs?
As per The Royal Institution of Chartered Surveyors (RICS) buyers who did not have a survey completed faced an average repairs of £5,750 at the time they moved in. 17% of them ended having to pay more than £12,000 to ensure their homes were habitable. If you aren’t able to afford the cost that the report will cost, could you afford the price of home repairs later on?
- Examine issues and discuss the implications with contractors prior to you purchase or accept any contract.
If the surveyors find any problems that require costly repairs, it shouldn’t mean that you should not buy the property. If the seller doesn’t want to address the problems identified it is possible to utilize the report as a negotiation tool, requesting the cost for the home to be adjusted in line with the cost of repairs. By reducing the purchase price you’ll have enough funds to make the repairs with someone you select.
- The surveyor you choose to work with will have an extensive knowledge of concerns in the area you have chosen as well as any local hazards
We are aware that local knowledge is crucial. The RICS team RICS surveyors will possess vast knowledge of your selected region, the types of local properties, and the things to be aware of including recent flooding or risk near pylons, electromagnetic fields, overhead cables and underground mining.
It is possible to trust the comprehensive analysis to help you feel confident in knowing what you’re purchasing, and also make sure you aren’t caught off guard by costly costs!