Whether you are a first time buyer, or you are a fifth time buyer, getting a survey is crucial before you buy a house.
- In some instances it’s an obligatory requirement put in place by your mortgage lender. Your lender will request you commission a survey as part of your mortgage application; this is to ensure the property they’re lending on is a sound investment.
- Buying a house is likely to be one of the most expensive purchases of your life. It’s a huge commitment financially and as such should not be taken lightly. Having a property fully inspected with a survey will help you to make a decision on what property to buy.
- The costs of not getting a survey can be very substantial and will come as a big surprise if a house is purchased without one.
- RICS research found that one in five house buyers who did not bother with a survey ended up discovering faults.
- The research also found that the average costs to repair these faults was £5,750 with 17% of new owners having to pay over £12,000 to make sure their new house purchase was inhabitable.
- When it comes to property defects some are very obvious to see, you can spot cracks, condensations of woodworm holes or you might have a builder friend who is more observant but the reality is that surveyors are the absolute experts. They train for years to be able to critically assess the condition of a property and are the only ones who can provide a truly extensive and telling report on a property.
- If you buy a house without a survey only to uncover that there is a major issue that will be costly to repair then this might not be affordable and leave you with a property not only that you don’t want to live in but also a property that you won’t be able to sell to recoup any loses
What you ultimately have to ask yourself is; can you afford not to get your house surveyed? It’ll give you peace of mind that you’re not buying into a money pit and that your investment will be worth it in the end.