Some buyers think that the expense of a property inspection adds a cost to an already expensive time. But how many buyers be comfortable buying a car without having an MOT or other service documentation? A study conducted by insurance company Churchill found that across the UK only 25% of homeowners opt to have a property survey to find their next residence. But, the figures indicate that 56% of homeowners who had significant building repairs done to their property following the discovery of pre-existing problems, claimed that if they were aware of the issues before they were discovered, it could have affected their decision to purchase the property. Similar to other second-hand purchases it is beneficial to learn about the past conditions and history before you purchase.
There are a myriad of reasons you should have an assessment prior to purchasing the house you want to buy The following are five of the most important reasons:
- A mortgage valuation doesn’t help the homeowner
A valuation provides the lender with the worth of the property they’re lending against, in order to determine that you are getting the amount you’re paying for it. The evaluation (usually under 20 mins) specific characteristics of the property, including major issues that could affect the value of the property are considered but the scope of the valuation does not go into issues that are common, such as dry rot, damp rot and subsidence, in the same way as the survey. It’s important to remember that the lender doesn’t have to release the report on the valuation to the buyer.
In the past, a surveyor would visit the property in order for the purpose of preparing an appraisal report. Nowadays most valuations are done online via desktop valuations. Desktop valuations don’t require surveyors to go to the property, but instead are based on sales statistics from the past that is taken online and distributed remote.
- Surveyors will conduct an objective, objective review of a house
Our surveyors have an objective look when they inspect the property, and this, along with their vast knowledge and experience, makes it more likely they’ll be able spot issues that buyers might not be aware of. The average homebuyer takes about 35 minutes to look over the property prior to deciding whether or not to buy it, our surveyors take a minimum of two hours looking over each property (depending upon the dimensions). Our surveyors will also look into areas that you might not be able to visit prior to buying, such as the attic!
- You can avoid a large cost in the future. If you’re unable to pay for the cost of a survey, will be able to pay for unexpected repairs?
Based on The Royal Institution of Chartered Surveyors (RICS) buyers who did not receive a survey were faced with on average, repairs worth £5,750 at the time they moved in. 17% of them ended having to pay more than £12,000 in order to ensure their homes were habitable. If you cannot afford the cost that the report will cost, could you afford the huge price of home repairs in the future?
- Be aware of issues and discuss the consequences with contractors before you purchase or make any agreements
If the surveyors discover problems that require costly repairs, it shouldn’t mean that you should not buy the property. If the seller isn’t willing to address the problems identified it is possible to utilize the report to negotiate a renegotiation tool, requesting the cost of your property adjusted to the costs of the repairs. If you reduce the price of purchase you’ll have the cash to complete the repairs through a person you select.
- The surveyor you choose to work with will have an extensive knowledge of problems in your area as well as any local hazards
We understand that local knowledge is important. The RICS team RICS surveyors will possess vast knowledge of your selected location, local properties, and the things to be aware of like recent flooding or risk close proximity to pylons electrical fields and overhead cables and underground mining.
They can rely on their thorough evaluation to provide you with confidence by knowing what you’re purchasing, and also ensure that you don’t get caught by surprise!