What Lies Beneath: Buyers Beware
One in five owner occupied properties in the UK are at least 93 years old according to the Office of National Statistics. Like most people I appreciate the aesthetic charms of older properties but it’s important to remember that what lies beneath a property’s exterior is just as important in terms of your financial investment.
Buying a house is the largest financial investment most people will make in their lifetime. Yet, worryingly, it is becoming increasingly common for buyers to forgo a survey on their potential new home in an effort to save money in the short term.
Although mortgage providers lending on a property require a valuation report, this is not a detailed inspection of the property’s condition. A survey is the only way a buyer can establish with any certainty how much work a property may need and the potential cost.
Not only does a survey allow the buyer to make an informed and sensible decision on whether to progress the sale, but it can also act as a tool for negotiation on the sale price. If, for example, a survey unearths a problem with the roof, then any repair costs, of course always made subject to survey, could be deducted from the sale price with a revised offer.
Although it may seem unnecessary and an additional expense when moving house, a survey can save money in the long run, as well as providing peace of mind, which is priceless!
For more information on surveys please contact our dedicated surveys department or telephone: 01245 422796