The latest research by HomeOwners Alliance shows that almost 60% of homeowners who bought within the last 5 years say they had a RICS house survey or a new build snagging inspection.
Of those who had a survey undertaken before buying their property, nearly a third (30%) took action as a result of issues flagged in the survey. Among this group, 10% renegotiated the purchase price, while 9% got the sellers to fix the problems. Having a survey enabled other homebuyers to get quotes for remedial work before deciding whether to go ahead with the purchase or discuss issues flagged in the survey report with their surveyor. Only 4% of people who had a survey reported they pulled out of the purchase altogether, showing that in most cases having a survey done can enable a better home buying experience.
Of those who didn’t get a survey before buying their property, 11% have discovered problems with the condition since moving in and regret not having had a survey.
Commenting on the findings, Chief Executive of the HomeOwners Alliance, Paula Higgins, said:
“Our research shows what a worthwhile investment having a house survey is. We recommend surveys for homebuyers as a great way of avoiding unforeseen and unpleasant surprises when it comes to moving into your new home. Save money by getting a survey so you can identify any issues and get them fixed or renegotiate the price so you aren’t out of pocket and avoid homebuyers regret.”
“We’re keen to get the message across that getting a survey is a no-brainer for buyers looking to protect their hard-earned cash. But not all surveys are the same, so it’s important to understand the different types of surveys on offer, their costs and what they cover.”
We were glad to see a number of respondents following up on their survey report with the surveyor. This is a great way to make sure you understand the report and get full value from the service.
And finally, it’s worth reminding homebuyers that the survey carried out by the mortgage company does not report on the condition of the property. There is common confusion about this. The surveys carried out by banks and building societies are usually desktop based surveys and never involve an independent expert survey of the condition of the property. The buyer is responsible for conducting a survey into the condition of the property they are going to buy and can find local surveyors and compare quotes via our site.
