We have previously blogged about buying a house for the first time, providing advice for first time buyers who may be overwhelmed with the complexities and stresses of the process. Although buying and moving house can be stressful however many times you have done it in life, having the benefit of experience at least gives you the opportunity to learn from your past mistakes.
This is certainly the case for many house owners who contact us wanting a survey report on a property they are buying. Statistics from the RICS suggest that the average amount that home-buyers have to fork out on repairs when they move into a new home is £5750. Another recent survey we blogged about reported that 35% of people had encountered more issues than they expected when moving into a new house. Once been faced with a large bill for works or repairs that you weren’t expecting, many buyers regret not having spent those few hundred pounds on a Chartered Surveyor’s report before proceeding with the purchase.
One of the vastly underestimated benefits of having a condition report completed on a residential property is the possibility of being able to achieve a better price. We have numerous stories from over the years where we have been able to help clients negotiate a lower purchase price following their survey report.
To give one recent example, we were instructed to carry out a survey report on a detached period house in Preston being bought by a family who were on their third house move. Having been caught out when buying their previous property, they opted for a Homebuyer Survey Report. Having visited the property and produced the report, our Surveyors identified several defects at the property, including some damp, evidence of woodworm, and roof defects. The buyers, who had been unaware of any of these issues, were able to obtain quotes for repair works, and thereby negotiate £15,000 off the previously agreed sale price.
Although Building Survey Reports are the most detailed residential survey report we offer, an RICS Homebuyer Report can be just as effective at identifying the areas of concern.
It’s worth pointing out there that in the UK, it is a case of ‘buyer beware’ when purchasing property. There is virtually no opportunity for comeback on any repair work required on a house once the sale has completed.
So, although the cost of moving house can be significant, it really can be worth spending just that little bit more to get a survey report.
Even if our Chartered Surveyor’s report does not identify any significant disrepair, at least the buyer will be able to move into the house with peace of mind that they have had the house checked by an expert and they do not need to incur any big repair bills in the near future.
For more information on residential survey reports or for advice on which report is the right one for you, please contact Lea Hough Chartered Surveyors.