No survey? Prepare for a nasty surprise
THE average cost of repairs discovered post purchase by buyers who didn’t get a survey is £5,750 (Royal Institution of Chartered Surveyors, 2013).
This is roughly equal to the cost of getting a completely new kitchen fitted. Yet one of the most common misconceptions held by prospective buyers is that a mortgage valuation produced on behalf of your lender is the same thing as getting a survey. It isn’t.
According to Richard Sexton, of e.surv Chartered Surveyors, only a comprehensive survey report is designed to highlight potential defects in the property you’re thinking of buying.
Richard said: “For most home purchases there are three main types of survey available depending on the age, location or construction of the property - the RICS Condition Report, the RICS HomeBuyer Report and the RICS Building Survey.
“The RICS Condition Report provides you with important information not covered by a mortgage valuation.
“It includes an inspection of all aspects of the property, identifies the risks and legal considerations and includes a section of advice for your solicitor.
“The RICS Homebuyer Report provides the same insights as the Condition Report, together with professional advice on the issues that may affect the value of the property, a market valuation, and an insurance reinstatement cost.
“It also provides you with advice on repairs and any ongoing maintenance requirements.
“However, if the RICS Homebuyer Report is best suited to modern properties of standard construction, the RICS Building Survey is specifically designed for properties of almost any age, style or condition, including period properties and those of non-standard construction.”
When choosing a survey, buyers working with a RICS authorised company are guaranteed to receive a survey report from a network of local, qualified surveyors.
Richard added: “But even before you instruct a survey, the golden rule for anyone looking to buy a home - and the best way to discover potential problems - is to have an open conversation with the owner or estate agent.
“They will be able to tell you about running costs, why the vendor is selling, and any previous major repairs or improvements in the past five years.
“This could highlight some hidden problems and unforeseen costs, particularly in older period homes which are more likely to have damaged roofs or brickwork.”