Failing to have a survey could cost more than you bargained for

Homebuyers in England and Wales are facing bills for thousands of pounds by failing to have a sufficient survey of their property before purchase, according to research from RICS.

A quarter of all homebuyers who only had a mortgage valuation report had to make unplanned building works to their property after purchase. On average, the bill for these works, such as damp proofing or repairing a roof, came to £1,818 – but the cost can be much higher.

Home surveys help buyers make informed decisions on whether to go ahead with buying a property, before legally committing themselves. Despite their importance, many buyers remain confused about surveys.

A mortgage valuation report is often wrongly assumed to be a building survey. Actually, it is purely an indication of the property’s value for loan purposes, prepared for the lender, not the purchaser. Most importantly, it may not uncover all potential problems. Even if you are paying for a mortgage valuation report, RICS still recommends you arrange a survey with your own surveyor. A survey might just be able to help you get a better deal on your property, too.

In difficult economic times like this it makes sense to ensure you are getting the best possible value when purchasing a property. No one wants to find a nasty surprise down the line, or pay over the odds for a property that needs lots of work.