One in three home buyers who invested in a house survey managed to save money
If you’re questioning whether house surveys are worth the expense, the latest research offers compelling evidence of their value. A comprehensive house survey can help identify potential issues that may not be visible during a standard property viewing.
According to the latest research, one in three home buyers who invested in a house survey managed to save money. Specifically, 30% of these buyers could take action before finalising their purchase. The report highlights that nearly 60% of homeowners who bought a property within the last five years had either a RICS house survey or a new build snagging inspection performed.
Taking action on survey findings
Among those who used a survey before purchasing their property, nearly a third (30%) acted on the issues identified. This group saw 10% renegotiate the purchase price, while 9% persuaded sellers to address the problems. Having a survey enabled other buyers to obtain quotes for remedial work, helping them decide whether to proceed with the purchase or discuss flagged issues with their surveyor.
The impact of not having a survey
Only 4% of people who had a survey reported that they withdrew from the purchase altogether, indicating that a survey leads to a better home-buying experience in most cases. Conversely, 11% of those who skipped the survey later discovered problems with the property’s condition and regretted their decision.
Understanding mortgage surveys
It’s important to differentiate between mortgage surveys and independent property condition surveys. A mortgage company’s survey does not assess the property’s condition. Banks and building societies typically perform desktop-based surveys that do not involve an expert’s physical inspection. Therefore, the buyer is responsible for commissioning a thorough survey to evaluate the property’s condition, making it a crucial step in home-buying.
How to find a qualified surveyor
To find a qualified surveyor to conduct your house survey, follow these steps:
Shop around: Always obtain quotes from multiple firms to compare. Use our House Survey quotes tool to find qualified chartered surveyors in your local area, allowing you to compare quotes and select the best surveyor at the optimal price.
Check accreditation: Ensure your surveyor is a member of the Royal Institution of Chartered Surveyors (RICS)—look for the letters MRICS or FRICS after their name. The RICS ensures its members maintain professional standards. Alternatively, confirm they are part of the Residential Property Surveyors Association (RPSA).
Independence matters: While estate agents may recommend a surveyor they work with, you can obtain quotes to avoid paying more for potentially lower-quality service. Independent research will help you find the best service at the best price.
Here’s why investing in a house survey is an intelligent decision:
Save money: House surveys can uncover hidden problems that could lead to costly repairs down the line. By identifying these issues early, you can either negotiate a lower purchase price or request that the seller address the problems before closing the deal.
Renegotiate terms: If the survey reveals significant defects, it gives you the leverage to renegotiate your purchase terms. This might include asking for a reduction in the sale price or requesting that specific repairs be made before finalising the sale.
Avoid unforeseen surprises: A detailed survey can help you better understand the property’s condition, avoiding unpleasant surprises after moving in. Knowing about structural issues, dampness, electrical faults, or other potential problems beforehand allows you to make a more informed decision about your investment.
Make informed decisions
Commissioning a house survey is an essential investment in the home-buying process. It provides vital insights into the property’s condition, enabling you to make informed decisions and save money.
Are you looking for a mortgage?
If you need further information or guidance on selecting the most suitable mortgage for your circumstances, please do not hesitate to contact us. Our team of experts is dedicated to assisting you in making informed decisions. Speak to the team to discuss your options.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
