On first seeing a property, it might tick all the boxes and seem like a dream purchase. However, do you know what might be lurking behind the scenes? When buying a property, it always makes sense to get surveys done. Don’t always assume that what you see is what you get, there could be issues going on underground. Find a surveyor to assess in detail, so you don’t end up thousands out of pocket on discovering you are liable for drainage repairs, for example.
Two thirds of home buyers are using the results of surveys to negotiate the asking price. Many times, a buyer can obtain a reduction in the asking price from the seller as a result of problems identified in surveys, or using it as a way of getting the seller to rectify said problems.
However, not everyone is gaining this significant advantage when purchasing a property. Which? Has reported that only 56% of those who have recently moved home organized an independent survey to be completed.
Even if a survey throws up no significant issues, it serves to provide peace of mind and clarity for the buyer. Home surveys are the most popular type of survey carried out. They are not completely extensive and won’t pick up every single issue, but they are greatly recommended for buyers to feel confident that there is nothing scary lurking beneath the surface. For help with Home Buyers Survey London, visit a conveyancing site.
Many buyers have specific concerns about areas of a property that they want their surveyor to focus on when carrying out the survey. Some of these concerns include:
- Damp
This includes issues like rot, damp, moisture, flooding, mould, leaks and guttering.
- Structural Issues
More than a third of home buyers name this as the major focus of their survey. Structural problems include things like subsidence, cracks, flooring and roofing concerns. Other issues that fall under this category include insulation, asbestos, foundations, concrete, lofts, plaster, gables, pointing and ceilings.
- Roofing
This category includes structural alterations like conservatories and extensions, plumbing, heating, fittings and exterior concerns regarding trees. Concerns over heating and plumbing can include things like pipes, tanks, drains, boilers and drainage.
These are the most common issues raised by Home Buyers Survey London when commissioning a home survey. There are many other smaller issues that depend on the age and type of property.
As you can see, a potential buyer who takes on a property without knowing as much as possible, is exposing themselves to high levels of risk. Unknown issues can prove very costly in the future, especially if the owner realizes they have responsibilities for maintenance and repair that they previously knew nothing about.