YOU MUST HAVE A SURVEY WHEN BUYING A HOUSE!

It is surprising, but true, that many homebuyers spend less time properly analysing and considering the merits of the home they are buying (and in which they will spend many years of their lives) than they do, for instance, when buying a car or even deciding where to go on holiday.

Often buyers rely on a mortgage valuation which they mistakenly assume will offer them some comfort or security. Do remember however that mortgage valuations are designed solely to provide the bank or building society with reasonable certainty that they will get their money back if the borrower defaults on their mortgage payments. Mortgage valuations are not and have never been intended as structural reports and almost always include a disclaimer indicating that there may be defects which have not been identified or reported upon.

At Arnolds we strongly recommend a more detailed survey to ensure not only that the price you may pay is fair but that the structural condition and maintenance obligations which you take on are reflected within that price. A survey will ensure that an independent expert will review your investment decision without, perhaps, the rose-tinted spectacles that you may be wearing when considering your new home ….!

It therefore makes a good deal of sense to employ a professional to carry out a detailed inspection of the property particularly bearing in mind that almost 25% of homebuyers who do not have a survey conducted will experience substantial problems with unexpected repairs to their homes (or worse) within six months of purchasing them. It goes without saying that the cost of these unexpected repairs will, more often than not, amount to many times the cost of a proper survey.

At Arnolds we offer two types of survey:-

1. 1. The Homebuyer Report and Valuation is a mid range and less expensive survey aimed at newer homes to give an overall view of the structure of the building. It provides advice on what action should be taken by the purchaser prior to entering a legal commitment to proceed and, of course, provides a valuation reflecting the condition of the property concerned.
2. 2. Building Surveys are an extensive examination of the entire building from top to bottom including potential areas of concern and expense that may arise immediately or occur in the future. A Building Survey will provide comments on the history and the structure of the building and are particularly recommended for larger or older homes. Such surveys can generally be tailored to include extra information such as advice on alterations and planning consents or renovation.

The cost of a survey is likely to be minimal in terms of the percentage it represents of a property’s value although it may save many times the valuation fee. Some of the very least unexpected problems may lead to a reduction in the agreed price and, in cases where no specific problems were found, it will provide reassurance and peace of mind for the purchaser as well as a useful point of reference for the future.

C J Penrose MRICS
Survey and Valuation Partner 
Spring 2005

Click here to view details of our survey service

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