Do I need a Survey?

When buying a home you can easily get seduced by the look and feel of the property without realising its condition. To provide reassurance it can be advisable to request a Survey.

The Royal Institute of Chartered Surveyors (RICS) has revealed that many buyers are unknowingly setting themselves up for an average £5,750 in repair bills on their new home, because of unknown hidden problems such as structural defects, rot and subsidence which is commonly only apparent by a professionally qualified chartered surveyor.

Prospective buyers are often guided by a common misconception that having a mortgage valuation provides them with certainty however this is not the case. As the surveyor in this example is acting for the lender not the person taking out the mortgage. By opting to have either a Prospective buyers are often guided by a common misconception that having a mortgage valuation provides them with certainty however this is not the case. As the surveyor in this example is acting for the lender not the person taking out the mortgage. By opting to have either a HomeBuyer or Building Survey could save you thousands in unexpected bills and provides peace of mind a certainty.

Prospective buyers are often guided by a common misconception that a surveyor works on behalf of both the buyer and a lender – but this is not the case at all.

RICS RESEARCH

  • More than a fifth of home buyers who did not take out a survey are now saddled with a property they would never have bought if they had been aware of its true condition
  • The survey of 1,017 buyers across the UK found that consumers are clearly aware of the need for independent advice. However, nearly a third failed to get it. The new homeowner may then be unable to afford, or have the desire, to fix the faults and may be left with a property they may no longer want to live in but are unable to sell to recoup their losses.
  • RICS’ survey shows it is the young and first-time buyers who are at particular risk, with a lack of understanding of the home buying process.