Tuesday, February 23rd, 2016
Would you gamble on the biggest purchase you are likely to make in your life time? Well four in five purchasers did in 2014 by not having a survey carried out.
Many purchasers do not know the significance of a survey, either they do not know about them or are not willing to pay as they are seen as an unnecessary expense. Is this a gamble worth taking?
Confusion plays a part in this statistic as many believe a survey is not needed when they have a lenders valuation. The reality is surveys and valuations are not the same thing. A lenders valuation will not tell a purchaser whether their future home/investment is in good condition or whether it is in a state of repair.
A typical survey averages from £400-£600 which many purchasers think is an expense not needed. However, this fee may save a purchaser thousands of pounds in the long run. A survey can pick up when there is likely to be costly repairs due to defects such as damp, wood worm, subsidence and many others. Having a survey can be seen to be a cost effective way to avoid unpleasant and expensive surprises.
Not only will a survey highlight a purchaser on the current issues that need to be resolved, it can also future advisories.
Furthermore, if a survey highlights works need to be carried out it could give way for renegotiation’s with the purchase price. It may even mean these works could be done by the vendor saving the purchase time as well as money.