A recent survey has found that the average cost to homebuyers to rectify faults found once they’ve moved into their new property stands at £3,510.
The research, conducted by Tepilo.com, the online estate agency started by Sarah Beeny, found that 18 per cent of people moving into a new home have boiler problems, 18 per cent have electrical issues, 17 per cent find their heating doesn’t work properly and a further 17 per cent have plumbing problems or faulty windows. Roof problems, dampness and structural issues are often discovered too.
These figures are potentially just the tip of the iceberg, with statistics from the RICS suggesting that on average, homebuyers need to shell out £5,750 on repairs once they’ve moved into their new home.
As we recently discussed in our blog “Buying a house – who’s in your corner?”, purchasing a house is often a stressful process and one that isn’t designed to offer much protection to the buyer. Where vendors have estate agents acting on their behalf, those buying the property are often left to fend for themselves. If choosing to proceed with a property purchase without the guidance and expertise of a Chartered Surveyor, uncovering costly problems in a house once the exchange and transfer is complete isn’t uncommon.
Following the results of the Tepilo research, Sarah advised: “A survey should also pick up on serious or potential problems, so make sure you get a good survey done before completing a house purchase.”
Whether you choose a RICS Homebuyer Report or a Building Survey Report, you will be better placed and in a position of knowledge regarding the condition of the property you’re buying. Having a survey on a property will highlight any potential problems at an early stage, giving you a choice of options and sometimes allowing you to renegotiate on the purchase price. At the very least, you will be aware of any work required on the property, meaning you won’t be in for any nasty surprises down the line.
To speak to us about your options regarding residential surveys, or to obtain a quote, please contact us here.