If you’re contemplating whether house surveys are a worthwhile investment, recent research conducted by the HomeOwners Alliance sheds light on how they can save you money and prevent unforeseen surprises in the homebuying process. According to their findings, 1 in 3 home buyers who opted for a house survey managed to save money, demonstrating the tangible benefits of this crucial step.
The report indicates that nearly 60% of homeowners who purchased within the last 5 years opted for either a RICS house survey or a new build snagging inspection. Among those who had a survey done, 30% took action based on the issues identified in the report. Notably, 10% successfully renegotiated the purchase price, while 9% persuaded the sellers to address the identified problems before finalising the deal.
For many homebuyers, having a survey conducted allowed them to obtain quotes for remedial work or discuss the issues highlighted in the report with their surveyor. Only 4% of respondents who had a survey opted to pull out of the purchase entirely, indicating that surveys generally lead to a more informed and positive home buying experience.
Conversely, among those who did not have a survey conducted before purchasing their property, 11% later discovered issues with the property’s condition and regretted not having invested in a survey beforehand.
Paula Higgins, Chief Executive of the HomeOwners Alliance, emphasised the value of house surveys in avoiding unforeseen costs and ensuring a smoother homebuying process. She highlighted the importance of understanding the different types of surveys available and their coverage to make an informed decision.
It’s crucial to remember that mortgage surveys conducted by banks or building societies are primarily focused on the lender’s interests and may not provide a comprehensive assessment of the property’s condition. Therefore, it’s recommended that buyers commission an independent survey to assess the property’s condition thoroughly.
To find a qualified surveyor for your house survey, consider shopping around, comparing quotes, and ensuring that the surveyor is regulated by reputable organisations such as RICS or RPSA. By taking these steps, you can make sure you’re getting the best service and value for your investment in a house survey.
