New research from Comparethemarket has found that 77% of Brits have failed to spot faults before moving into a new home – only discovering the issues after they have moved in.
According to the research, the most common things homeowners miss are damp or mould (24%), followed by poor electrics (22%), poor plumbing (20%), cosmetic issues with walls/ceilings/internal fixings (19%), and poor or no central heating (18%).
The average cost of putting these faults right is around £5,000.
The current stamp duty cut has created a fast-moving and highly competitive housing market, where buyers are having to move fast in order to secure properties. However, with the speed at which buyers are acting, there could be a danger that faults are being missed, which could result in people having to spend money on rectifying faults that could – and arguably should – have been picked up before the purchase completed.
With reports of delays in the conveyancing process, it might be tempting to try and save time elsewhere and forgo having a survey undertaken. However, the findings detailed above only show to tip of the iceberg of problems that can be found in houses after a purchase has completed. Extensive damp, structural issues and problems with roofs are all issues that can and are found on a frequent basis, all of which can cost many thousands of pounds to rectify.
Despite the pressure being placed on buyers at this time, being thorough is still important. Buying a house is one of the biggest investments you will make and cutting corners through the process with the hope of saving some money on stamp duty could in fact be a false economy.
With the conveyancing process currently taking slightly longer with some solicitors due to demand, there is plenty of time to have a survey undertaken. Once booked, we are usually able to undertake a survey within two weeks.
For more information on the residential surveys we offer, including RICS Homebuyer Reports and Building Survey Reports, or to book in a survey or valuation, please get in touch.