Surveys on potential homes essential, says Rics
Thursday, 28 October 2010 6:20 PM
Homebuyers are being forced to pay bills of thousands of pounds because they do not have a satisfactory survey of their house done before buying, according to new research.
On average, these unplanned building works bills came to a total of £1,818 and included necessities such as damp proofing or roof repairs, according to the Royal Institution of Chartered Surveyors (Rics).
It is important that buyers can distinguish between a mortgage valuation report and a survey.
A mortgage valuation is merely an indication of the property value and is more for the purposes of the lender than the buyer. On the other hand, a building survey will warn the potential buyer of any problems with the condition of the property.
Besides being informed about the state of the property before you make an offer, 76 per cent of buyers questioned by Rics said that a survey helped them to better negotiate with the seller.
David Dalby, Rics residential director, said: "In difficult economic times like this it makes sense to ensure you are getting the best possible value when purchasing a property. No one wants to find a nasty surprise down the line, or pay over the odds for a property that needs lots of work."
This comes after RightMove reported that property asking prices jumped by three per cent in October despite the housing market slump.
