And our survey says…
With a full buildings survey costing up to £1000 it is understandable why many homeowners are reluctant to shell out for a survey. However such a decision could end up costing them much more in the long run.
According to market research agency ComRes, one in five of buyers who did not have a full survey on their property later discovered serious faults with it and ended up with an average bill for remedial work of £5,750.
Lynne McCaffrey is the Head of Property at Goldsmith Williams. She believes there are several reasons why buyers are not bothering with a full survey:
“Moving house is not only a highly stressful experience but an expensive one too. In addition to the immediate costs of the property, there are many other outlays from legal fees to government charges, right down to the costs of the removal company. With money remaining tight it is therefore easy to see why many buyers wince at the thought of shelling out a further £1000.
“But cost alone is not the only factor here; many people believe a survey and a valuation are the same thing.
“Buyers need to understand that the valuation conducted by the mortgage lender does not include a full inspection of the property. In fact a valuation does not necessarily even involve the lender setting foot inside the property. Often they are completed from behind a desk or from a simple drive by.
“Having a full survey not only helps you avoid any nasty hidden surprises in the property, it can also help with those tightened purse strings as it can give you the opportunity to renegotiate the purchase price.”
Content correct at time of publication