Buying a property without a building survey is an option anyone can choose, but this doesn’t mean you should choose it. In fact, it is advisable for almost everyone to get a homebuyer’s survey before purchasing a property. To find out why this is, here are some of the risks of buying a home without a survey:
1. You May Purchase the Wrong Property
Unless you’ve bought and sold property for many years, there’s a good chance you might not have the knowledge needed to spot a worthwhile investment property. This is where building surveyors come in.
Property surveyors have a lot of experience in this field. They have undergone extensive training, have a wealth of experience, and are members of the Royal Institution of Chartered Surveying (RICS). On top of this, RICS surveying companies bring specialist knowledge of the local housing market, including subsidence and flooding risks. This means they are the perfect people to help you make an informed decision about whether or not to purchase a property.
2. You May Have Unexpected Future Costs
The primary purpose of a homebuyer survey is to give homebuyers a good understanding of the condition of the property they are about to purchase. On the inspection day, a chartered surveying company sends out one of their property surveyors to inspect the property in question. During this inspection, they look for any issues of concern, including structural or building problems that may be hard to spot. They then make a report for the homebuyer, explaining what issues they have found. This report can save the homebuyer thousands of pounds in unexpected repair costs.
Some of the possible defects a home buyers survey can spot include:
- Damp
- Subsidence
- Wet and dry rot
- Woodworm and other infestations
- Asbestos
- Cracks
- Old wiring
- Rotten window frames
- Leaking roof
- Japanese knotweed
3. You May Not Be Able to Negotiate the Price
One of the main reasons people choose to enlist the help of a house surveyor in Norwich or other parts of the UK is to ask sellers to reduce the price of their property. Unfortunately, most sellers refuse to lower their prices without proof of issues with their property.
4. You Have a Lack of Impartial Information
Many home buyers believe a mortgage valuation report is enough, but this report is strictly for the mortgage provider. Their team of property valuers use this report to decide whether the property is safe to lend money to. However, when you hire a property surveyor, RICS, you hire an independent person to create a report of the property. This report explains potential structural concerns and is for the homeowner’s benefit.
Property is a significant investment, which is why one of the most important things you can do when buying a home is to get a survey. Homebuyer’s surveys not only help you to spot potential issues with a property that you may be unaware of, but they can also help you spot a bad investment.
