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Help to Buy Valuation

Research highlights the need for Survey reports to avoid new house blues

More than a third of British people are not happy overall with their home after moving in, with a quarter feeling negative as soon as they move in, new research has found. The study, undertaken by interior décor company Terry’s Fabrics further goes on to reveal that it can take up to two years for home owners to believe that they are satisfied with their home, with more than a quarter even wondering if they should have taken more time deciding on the property before moving. 40% of respondents reported having to spend over £10,000 on their home once they moved in, with 25% needing to spend over £20,000.

All of these findings go to show how important research is when buying a property, and that one of the key steps to take is to have a survey report conducted to assess the property’s condition. Interestingly, the survey also found that 35% of people had encountered more issues than they expected when moving into a new home yet over 50% admitted they hadn’t paid for an independent survey report before buying their home.

Purchasing a property involves a significant financial undertaking, yet it seems that buyers are all too quick to make their decision to move; failing to take all steps necessary to protect their interests. Surely having the knowledge that a house has defects – and knowing the urgency of which these need to be addressed along with the approximate cost to fix, is better than not being aware. Sometimes, armed with the results of a property survey, it is even possible to return to the vendor and renegotiate the price.

In this respect, it is better to get the property checked out by a Chartered Surveyor who has expert knowledge of houses, defects and construction.

There are two main types of condition survey report – a RICS Homebuyer Report and a Building Survey Report. Whichever one you opt for, a Chartered Surveyor will visit the property you are purchasing and undertake a thorough inspection of both the interior and exterior. The written report that you are issued with will provide an overview of the property’s condition, identifying the main defects and overall condition of the house. The report will also highlight any elements that may need repair or renovation. This gives you the complete picture before you progress any further – limiting the possibility of nasty surprises once you move in.

For more information about any of our residential survey reports, or to discuss which survey is right for you, please contact us.

 

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“We had a Schedule of Condition carried out on a Commercial Property. From vacant possession to our proposed completion date we were really tight on time. Gary managed to carry out the inspection and write a very thorough report in the time needed to ensure we hit our completion date. The price of the report was also extremely competitive. I would recommend Lea Hough to anyone looking for a Professional Surveyors with excellent service & communication at a competitive price.”

Danny Ambler - Fuse Contract Furniture, Blackburn