When Buying A Home It Pays To Have A Survey

Buying a home is a big decision but as some try to save money they opt out of paying for a survey and risk potential bills of thousands of pounds.

Buying a home is a big expense and a big decision, the biggest decision in fact that many will make.

However, perhaps thinking they don’t need one or trying to save money, by failing to commission a home survey before purchase, homebuyers across England and Wales are risking potential bills running into thousands of pounds.

According to RICS research, around 25% of homebuyers who decide not to have a survey then have to make unplanned building works to their property after purchase. The average bill for these works, such as damp proofing or repairing a roof, is over £1,800 – but the cost can be much higher.

Be aware that a mortgage lender’s valuation report does not represent a survey. This is a valuation carried out on the mortgage lender’s behalf and is not designed to highlight any potential problems with the property.

A home survey will highlight any structural problems or urgent defects and enable you, the buyer, to make an informed decision before committing to the property.

The RICS Condition Report is a new home survey which is both simple and affordable. It is designed for newer properties and conventional homes and provides a clear report on the condition of the property, plus details of urgent faults and advice for legal advisors. It does not provide an additional valuation, but sits alongside a mortgage valuation.

In addition, RICS offers other surveys which are tailored to the type and age of a property:

• RICS Condition Report: A clear, concise picture of the property with ‘traffic light’ ratings. It shows the condition of the property, offers advice to legal advisors and highlights details of any urgent defects. The lowest priced of the surveys; it is aimed at conventional properties and newer homes.
• RICS HomeBuyer Report: Contains all the features of the Condition Report, plus a market valuation and insurance rebuild costs. It also includes advice on defects that may affect the value of the property with repairs and ongoing maintenance advice.
• A building survey: The most comprehensive report includes defects, repair and maintenance options. Essential for larger or older properties, or if you’re planning major works.

RICS spokesperson, David Dalby, commented: “Nobody wants to be left with a home that needs extensive repairs or one they can’t sell on. By having a survey you’ll be armed with information on the condition of the property which puts you in a stronger position to decide whether to proceed with the purchase, or negotiate a better deal.”

And it’s not just buyers who can benefit from surveys, as David Dalby added “For landlords this can be to assess their investments, while we are also seeing sellers turning to surveys in order to prepare for the sale of property.

“These highlight any problems that may potentially delay the sale or impact on the price later in the process.”