Are You Among the 80% of Homebuyers who Purchase Without a Home Survey?
4 August 2014
Four out of five homebuyers in the UK don’t get a home survey on a property before buying. This means that most property owners have bought their home without knowing what kind of condition it was in.
There are many reasons why people aren’t getting home surveys carried out. Sometimes people don’t know about them, or perhaps get them confused with a mortgage survey, which has to be carried out anyway. But whether or not you’ve heard of a home survey, it’s vital that you understand why it is important.
Here are three reasons you really should get a home survey carried out.
It protects you from nasty surprises
Buying a home is a big investment. It is not the kind of thing you can simply take back for a refund or exchange. Once you have bought a property, you are committed to it for a long time. This includes any financial burdens that may arise in the course of keeping the property maintained, safe, and comfortable.
The last thing you want is to discover a serious defect with your new home after you have bought it. Then the entire responsibility and financial burden will lie with you. Discovering a serious structural problem, damp, or subsidence, can be incredibly costly to repair. It’s better to spend a bit more money on getting a full survey completed than to fork out tens of thousands to remedy problems that could have been easily spotted.
It could lower the asking price of the property
With any property sale, there is bound to be negotiating. You want to save as much money as you can. It allows you to get a smaller mortgage, meaning your monthly repayments will be less, improving your finances for years to come. If you undertake a survey on the property and find problems that need fixing, this gives you grounds to negotiate a lower asking price. You will still need the money to rectify those issues, but knowing in advance can make it much easier to accommodate those costs.
Which leads us onto reason three…
It prepares you for future costs
It’s an unwritten law of the universe that expensive things will always break when you have the least amount of spare funds to deal with it. With a household appliance, this can be a nuisance or an inconvenience. If the issue was with your property itself, this could be a serious problem. Being able to prepare for these kinds of issues makes it much easier to afford them and keep your costs under control. A home survey on your new property allows you to gauge what kind of work could be required, and how far into the future you will need to worry about it.
Home surveys from Allcott Associates
Make sure you know exactly what you’re getting. All Allcott Associates’ surveyors are qualified, experienced, and accredited. Get in touch with Allcott Associates to find out more.