Rising property prices are stretching budgets more than ever before. Many people are scaling back on the level of surveys completed on a property pre-purchase. They choose instead to go down what seems to be the a cheaper route. However, this results in homeowners taking serious financial risk.
New statistics from Churchill Home Insurance indicates that over seven million UK homeowners take a serious financial risk. This is because they choose not to have a survey completed on their next property.
The number of people having at least a base level survey has increased over time, from 63 per cent 20 years ago to 91 per cent in the last 12 months. However, the number of homeowners having the comprehensive Building Survey has reduced significantly. 20 years ago, 28 percent, but in the last 12 months this has dropped to 6 percent.
42 percent of UK homeowners have needed unexpected works within 12 months of moving in. Almost one in ten needed major works. Therefore, although avoiding the costs of a survey may seem like easy money, it can be a false economy. Getting a Building Survey greatly reduces the risk when buying a new home, and could lead to large potential savings in the future.
What is our view?
Steve Holmes, Director at Chawton Hill Chartered Surveyors commented: ‘We have seen many instances where our clients have renegotiated the property’s asking price following our thorough review of its condition. Whilst it might be tempting to save a few hundred pounds on a building survey, the cost of major, unexpected works can run into thousands of pounds. In fact, the RICS put the average repair costs between £5,750 and £12,000. Our Building Surveys highlight expensive repairs which easily could have been missed by a HomeBuyers report. It is also misleading to say that Building Surveys are only for older, larger properties. We have a sliding price scale based on the type of property, its size and value, so even if you are looking to buy a 1 bedroom flat, we offer a suitably priced full Building Survey.’
If you would like a competitive Building Survey quote for your Surrey property please just fill in our Quick Quote Form or call us on 01372 360663.