Recent figures have revealed that a mere 9% of home buyers chose to instruct a Chartered Surveyor to complete a level 2 or higher Survey when buying a house. This startling statistic suggests that cost of living pressures have significantly impacted the decision of many buyers to prioritise cost-saving measures over safeguarding their interests. However, this choice may carry significant risks for unsuspecting homeowners.
Level 2 Surveys and Building Survey Reports are comprehensive assessments that provide a detailed examination of a property’s condition. These Surveys go beyond a basic Valuation and aim to identify potential issues or defects that may affect the property’s value or structural integrity. By opting for these Surveys, buyers can gain invaluable insights into the condition of the property and make informed decisions regarding their investment.
However, the latest figures suggest that a significant number of buyers are foregoing these more comprehensive Surveys. This could be driven by a desire to save money, as Surveys incur a cost that buyers may wish to try and avoid. However, this decision could ultimately prove costly and detrimental in the long run.
Without a thorough Survey, buyers may face unexpected challenges and costly repairs after moving into their new home. Hidden defects or structural issues can go unnoticed, leaving buyers with no choice but to foot the bill for repairs or replacements. These unexpected expenses can quickly add up, further exacerbating the cost of living pressures that buyers were already facing.
It is crucial for buyers to understand the importance of obtaining a comprehensive Survey before buying a house. While the initial cost may seem daunting, it provides invaluable peace of mind and safeguards against future financial and legal complications. By investing in a thorough Survey, buyers can avoid potential pitfalls and make informed decisions that protect their financial interests.
Furthermore, buyers that proceed with a Survey report that goes on to uncover unexpected defects may be able to renegotiate on the price they are willing to pay for the property concerned, potentially making savings.
Lea Hough offer a range of Surveys, including Level 2 Surveys and Building Survey Reports. To discuss our Survey Reports or to obtain a quote, please get in touch.
