Cautionary tales if you’re planning to save on a survey
More than one in three East of England homebuyers who failed to commission a property survey faced thousands of pounds of unexpected repairs to their new home, according to research from RICS.
They had to find anything from £1,000 and £12,000 and more after purchasing their property to put things right.
Of those who were caught out, 67 per cent said they would have driven a harder bargain on the purchase price if they’d known about the issues while 44 per cent suggested they would have simply deducted the cost of repairs from the asking price.
The survey found that more than 80 per cent of those who used a chartered surveyor reported that it gave peace of mind during the buying process. Meanwhile, ninety four percent of all respondents said they would recommend a home survey to their family or friends.
Simon Pott of the RICS said: “A qualified chartered surveyor is required to act in consumer interest and is regulated by a compulsory redress scheme. Seeking this impartial advice provides the transparency required to make such an important choice.
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“It seems that many consumers remain confused by the different surveys available.
“The Home Survey Suite consists of the Condition Report, Home Buyer Report and Building Survey. Yet 50 per cent of respondents were not made aware of the difference between these and a property valuation or appraisal.
“To avoid unnecessary costs at a later date, I would recommend consulting with a chartered surveyor in the first instance.”