The false economy of building survey shortcuts
More and more families are shunning full building surveys so they can raise enough cash to buy a home.
It’s estimated that around 80% of buyers don’t check to see if the property is safe or what needs doing as people mistakenly believe the mortgage lender’s valuation is a structural review. That misunderstanding can come back to bite people later if they find a problem with the property. Potential buyers expose themselves to the risk of huge repair costs after finding nasty surprises later.
One in five of those who did not bother with a survey later uncovered faults, according to research involving more than 1,000 buyers conducted by ComRes for the Royal Institution of Chartered Surveyors (RICS). Remedial work cost £5,750 on average and RICS said 17% of new owners ended up paying more than £12,000 to make their homes habitable.
At Anglian Home Surveyors we regularly hear comments such as: ”My mate does some building. He’ll give the place a once over...”
Many buyers mistakenly rely on only their mortgage provider’s valuation. Estate agents say it is a growing problem, the result of family budgets coming under increasing pressure. Valuations do not include a full inspection. In fact, some are done from a desk miles away or after a quick drive past the property.
It’s amazing that a buyer of a car, average cost of £3,500, will insist on an MOT, but a person buying, say, a £250,000 house will generally not spend money to have that property fully checked.
If you have any questions or require some free related advice then please do not hesitate to contact us.
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