Save your cash and get a home survey
Only one fifth of homebuyers currently commission a private survey when moving house, despite the risk of finding hidden horrors.
The average repair bill faced by homebuyers who do not commission an independent survey is £5750.
A total of 773,400 mortgaged buyers moved home last year, but only one in five (154,700) opted to purchase a private survey.
This meant that the total repair bill faced by UK homemovers in 2014 was an estimated £3.56 billion as many buyers unknowingly purchased faulty homes.
In July alone, UK homebuyers faced a total repair bill of over £300 million.
Meanwhile, e.surv’s calculations reveal that 52,300 buyers didn’t commission a private survey when buying a home in July.
In Scotland the total bill was £312,100,000.
Richard Sexton, director of e.surv chartered surveyors explained: “As the cost of moving house ratchets up, skipping on a survey can seem very tempting.
“Although commissioning a private report costs as little as £250, many buyers don’t want to accept that their dream house may harbour hidden-nightmares.
“But scrimping on this initial outlay can have severe consequences once the keys of the property have been handed over.
“Buying a house is one of the biggest and most important financial decisions somebody can make, but buyers simply aren’t protecting themselves.
Most people wouldn’t buy a car without having an up-todate MOT, yet the number who consider purchasing property without confirming its condition is alarming.
These buyers are risking their financial livelihood, and rolling the dice in the hope that their home won’t contain any nasty surprises.
On average, the repair bill faced by buyers who don’t get a survey is close to £6000, while some may find themselves facing costs far higher than this figure.
“Getting a survey can help you save a significant amount in the long run.
“If a survey reveals a major flaw in a property, you will be well equipped to negotiate down on price, helping you budget for the renovations.
“This is about knowing what you are signing up for, and avoiding buying a property masking hidden and potentially dangerous faults.”