Buying a property is one of the biggest purchases most of us will make in our lifetime, so it comes as no surprise that we recommend always getting a survey.
Many buyers are surprised when advised to get the home they are potentially purchasing surveyed by a professional, deeming it as unnecessary and costly, but there are many reasons why this process should be a critical part in your home buying journey. It can protect you from financial and health risks.
Research by the RICS revealed that 4 in 5 bought a property without a survey, which resulted in costs for unexpected repairs. The top 5 problems being: Asbestos, Damp, Electrical Issues, Faulty Drainpipes and Flat Roofing.
A RICS qualified surveyor will thoroughly check the property, examining areas that a prospective buyer properly wouldn’t even look at until they’ve moved in.
Not only will it give you the reassurance and confidence that there are no major issues with the property, but it will also determine whether you are paying the actual value of the house. In some cases, a price may be agreed by both parties, however, following the survey, the property value may decrease if a major issue is detected. This will affect the value that the bank is willing to lend to.
Legal & General Surveying Services conducted research based on 740 digital home surveys for buyers last year and revealed the top issues that were reported. Determined by the severity and cost of repairs, the issues are categorised into “red” and “amber.”
Red – More costly to repair and more risky
Electrical Issues – 14% (faulty fuse boxes, dated wiring)
Space Heating – 14% & Water Heating Concerns - 8% (damaged boilers, leaking pipes, asbestos risk, unlagged cylinders)
Amber – Less cost to repair and moderate risk
Roof & External Wall Issues – 12% (cracked tiles, perished brickwork, chipped walls)
This process is something that should be considered crucial for buyers, although it can seem costly at an already expensive time, it will certainly help influence your decision, even if you are certain you’ve found your dream home. Surveyors are experienced and highly knowledgeable in this field and will be able to see issues that aren’t obvious, especially to first-time buyers.
Dafydd Hardy RICS Chartered Surveyors have been providing Professional Valuation Services for major lending institutions, solicitors and private clients for over 30 years. We are regulated by the Royal Institution of Chartered Building Surveyors (RICS) and our reports are concise and fully compliant with the RICS Appraisal & Valuation Standards – the Red Book.
We have the professional skills, expertise and extensive local knowledge to provide the advice you need specialising in residential property of all types throughout north west Wales.
To contact the Professional Services Department please call 01286 67 67 60, email us at firstname.lastname@example.org or call into one of our offices at Caernarfon, Bangor, Llandudno, Colwyn Bay & Llangefni, Anglesey.
Find more information here: https://www.dafyddhardy.co.uk/pages/surveys