All too many potential homeowners neglect to have a survey carried out on their chosen property before contracts are exchanged and the deal is done. For some, the price is prohibitive, being anywhere between £300 and £1500 dependent on the size, age and complexity of the property, but for many more it is simply a case of misinformation.
Firstly, it is essential to remember that a mortgage valuation is not a survey. The valuation is carried out on behalf of your lender, not you, and is merely to ensure that their investment can be repaid; that the property is valued at around the correct figure and will still be upright in a few years time. A mortgage valuation will not uncover any major defects with the property and involves an inspection that is frequently only 30 minutes long.
Too many property purchasers rely on their mortgage valuation, believing it to be a survey, and suffer the consequences as a result.
What must be borne in mind is that buying a property will likely be the single largest investment any family makes, but it is one that can be extremely costly. Even the smallest building is a complex jigsaw and even the most modern building materials have a life expectancy – frequently of around 60 years – particularly when exposed to the harsh variations in weather and temperature evident in Britain. All buildings have defects therefore, even new-builds, and serious defects will cost thousands to remedy.
It is always prudent to get a survey to assess the viability of your investment. If defects are highlighted and repairs estimated for, this can be used in the negotiations to knock money off the asking price. Without this, you could end up spending money you didn’t plan to as soon as you get in to the property, not to mention the possibility of health damaging defects and the safety issues a structurally unstable building can pose. Even if you don’t wish to negotiate on the price, a survey will help you walk in to the investment with your eyes open; affording you the ability to budget effectively and focus your efforts on the most urgent aspects.
We frequently write about horror stories around the country, where purchasers have gone into an investment without a survey and discovered costly issues. Japanese Knotweed, for example, can infiltrate the property at incredibly fast rates and reduce its overlal value down to less than a third. Issues of damp, pest infestation, structural movement, encapsulated timber and many, many more can all be evident in properties behind the scenes.
Sadly, the RICS estimates that only around 20% of homebuyers commission some sort of survey before they buy. As a network of professionally qualified, independent Chartered Surveyors we sincerely recommend that you do commission one of our members to look at the property for you. Whether its a full survey or just verbal acquisition advice, our local surveyor will always be happy to assist with a service to fit your budget and requirements.
Click on this link to find your local surveyor: www.propertysurveying.co.uk