Hidden Costs = Nightmare
Buying a house is often the most expensive thing you’re likely to ever do in life. So, most people want to make sure they get it right and avoid spending money on anything unnecessary. You don’t want to be left with home buyer’s remorse the minute you step into your new home.
The truth is, like with most things in life, we don’t want to be left feeling short changed or feeling like we’ve bitten off more than we can chew.
It’s easy to be swept up in the emotion of buying a house and forget about some of the most important steps – for instance, commissioning an independent survey.
Missing those steps before you complete can potentially lead to hidden costs once you’ve moved in.
This is why you’ll be asked about conducting a survey.
How can a survey help?
As the saying goes, ‘forewarned is forearmed’. A home survey can give you the peace of mind that you’re not walking into a minefield of repair and renovation costs.
The Royal Institute of Chartered Surveyors (RICS) found that only 1 in 5 home buyers book an independent professional survey before buying a new home.
Although not a legal requirement, it can inform you of any unexpected problems or costs that you may not have factored in when you first make an offer on a house. This allows you to make a better-informed decision and take the necessary steps to budget for any future works.
It’s understood by both parties that any offer made prior to the results of the survey may be subject to change, in light of any costly issues that need rectifying. Once you have exchanged contracts your offer to buy is legally binding, so it is vitally important to undertake your home survey before the exchange takes place.
What kind of thing will a survey spot?
There’s plenty to look at and take in when viewing a house, and you’re not given a lot of time to look around. It’s safe to say that most buyers are not housing experts, so naturally things will be missed by the untrained eye.
A previous study by home interior company Hillarys, revealed that new home-owners who didn’t buy a survey ended up having to fork out over £3,000 to fix the issues. This is an easily avoidable expense, many times the cost of having a home survey.
Plus, continuing without a survey denies you the opportunity to negotiate the price or even pull out of the sale completely, should the repair costs prove to be too high.
This is where a good surveyor is worth their weight in gold.
Here are some of the most common issues that a home survey can uncover:
- Cracks – A worrying sign for anyone buying a house, but not all cracks are bad. Thankfully your friendly neighbourhood surveyor will be able to tell you what’s a cosmetic crack and what’s a structural crack.
- Damp – More common in older properties, if left untreated it can deteriorate the structural integrity of the property and it can also cause health problems for inhabitants.
- Subsidence – The ground underneath a property can expand or shrink over time, which can cause serious structural issues for whatever is built on top. This is a particular problem for properties on clay soil with shallow or no foundations.
- Dry Rot – Most commonly found in the roof space or under floorboards, this can destroy timber very quickly. Keep your senses peeled for a musty smell when a floorboard is lifted.
- Japanese Knotweed – An invasive plant species that can damage asphalt, concrete, drains and walls. Although it’s particularly tricky to get rid of when it’s deeply rooted, it’s not a deal breaker for buying a house.
- Asbestos – The dreaded A word. Previously used a building material until it was found to cause serious health problems. Asbestos can be preserved safely, as long as it’s not disturbed in any way. Removing it can vary quite widely in cost.
- Faulty electrics – Quite a common occurrence, they can range from relatively minor issues to needing extensive rewiring in the property. If it’s a big problem, then an electrician will need to be called in.
- Drainage issues – Drainpipes can get clogged and backed up causing water to pool. If caught early, it’s not too costly, however, if left unchecked it can cause bigger headaches by far.
- Roof problems – This could range from an easy fix of replacing missing roof tiles to more serious problems with the internal structure. Naturally the latter will requite the services of a specialist to put right.
- Insulation – Poorly insulated homes can up the cost of your monthly energy bills. Any missing or ineffective insulation will be noted in a survey, so you can make sure your new home is as energy efficient as it can be.
How much is a home survey going to cost?
It depends. There are a few factors that need to be considered when booking a home survey. On average a RICS Home Survey Level 1-3 can cost between £400 – £1,500, depending on the type of survey you book, the value of the property and the location.
The different levels of survey offer varying levels of detail, so it’s important that you pick the right one for your situation. You can read more about the different types of surveys available here.
What if my survey uncovers a problem?
If your home survey uncovers any issues with the property, it’d be worth speaking to the surveyor to go through their findings in more detail.
Once you’ve got a good grasp of the situation, there are a number of avenues you could take.
Commission a further survey
An in-depth survey, which can root out the cause of the problem will help you to determine the full extent of the repairs needed and the costs involved.
Contact the seller
In some cases, this is the point where you can go back to the vendor and either agree that they will fix the problem themselves or renegotiate the price with the new information you’ve received.
Continue with the purchase
On occasion the vendor may be unwilling to pay for the repairs. At which point, you’ll need to consider whether you want to continue with the purchase or pull out. This can be advantageous as you have more control over the work that is to be done. Either way, having all the details to hand can help you make an informed decision.
How do I book a home survey?
You can book your survey easily online. All you need to know is the type of survey you’d like, the property post code, its estimated value, number of bedrooms and whether or not it is a listed building.
To book online, use our survey booker or call us on 0333 220 1234 and we’ll be happy to book an appointment for you with one of our local surveyors.
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