4 Risks You Face By Not Having A Home Survey Before You Buy

We’re often asked by buyers whether a survey is really necessary, and we always answer with a resounding yes! In fact, making sure you have a home survey done before you buy a property is one of the most important things you can do.

Buying a home means you’re making a huge financial investment, so protecting your investment will be of utmost importance. This means seeking the advice of a property professional who’ll be able to evaluate your new property, highlighting any potential issues and giving you full peace of mind, so you can ensure you’re making a sound purchase.

Surveys are there to flag up any serious problems with a property, allowing you to factor repairs or alterations into your budget. A survey can even put you in a stronger bargaining position when it comes to negotiating a price for your new home.

So whether it’s peace of mind you’re looking for, or you’re hoping to find potential issues to use as a bargaining chip to justify your offer, our friends over at Cosey Homes have shared some of the risks you could face by not having a survey.

1. Unexpected Costs

A professional property survey provides the buyer with a clearer understanding of the condition of the property they’re looking to buy. A chartered RICS surveyor will carry out a site inspection, identifying any issues of concern including building problems not easily detected by a layman.

There are a variety of levels of report you can choose from, depending on the amount of detail you’d like your report to go into. A survey will highlight any serious and potentially costly issues. This means that a survey could potentially save you thousands of pounds, helping you avoid any nasty surprises.

2. No Expert Advice

A property survey provides the ideal opportunity to receive impartial advice from an experienced and qualified property professional. Chartered Surveyors are extensively trained and are members of the Royal Institution of Chartered Surveyors (RICS).

Experts utilise their specialist knowledge of the local housing market, including environmental risks such as flooding or subsidence, to help identify potential issues.

3. Lack of Impartial Information

Some buyers may believe that a Mortgage Valuation Report is sufficient, but the report is strictly for the mortgage provider, allowing them to ascertain whether the property is safe to lend money on. It’s important to note that mortgage valuations are not the same as property surveys.

When you appoint a RICS surveyor however, an independent property survey will be carried out, which is entirely for your benefit. Your property survey will make sure you’re aware of any potential defects and structural concerns before you purchase your new home.

4. Less Leverage To Negotiate On Asking Price

If any serious building issues are found, the results of a professional home survey could help you renegotiate the purchase price. For example a HomeBuyer Survey (Level 2), survey provides a detailed record of all issues or defects identified, using a ‘traffic light’ condition rating system.

This system indicates the severity and urgency with which each issue should be dealt with. If you progress without having a survey, you’ll be missing out on having the opinion of an expert in the field, making it less likely you’ll be able to negotiate a lower purchase price.

Get a quick and easy Property Portal survey quote here.