Buying a house is one of the largest financial transactions you will ever make. It is a decision that requires careful consideration and due diligence. One step that can get overlooked is having a house survey completed. However, research suggests that investing in a survey can actually save you money in the long run.
In a recent survey by the HomeOwners Alliance, 30% of homeowners revealed that they saved money because they had a survey conducted before purchasing their property. 10% of buyers who had a survey were able to renegotiate the purchase price, while 9% got the sellers to fix the problems.
Here we highlight several reasons why having a survey completed can be beneficial.
Identifying Structural Defects
One of the most significant benefits of having a survey completed is the identification of structural defects. The survey often involves a thorough examination of the property’s structure and highlights any potential issues. By identifying these defects beforehand, you can negotiate with the seller or seek professional advice on the cost of repairs. This can save you thousands of pounds in the long run.
Avoiding Costly Surprises
Buying a house can be full of surprises, and not all of them are pleasant. A survey can provide insights into hidden issues such as damp, woodworm infestation, or any other potential issues. By uncovering these problems early, you can take steps to rectify them before they become major problems. This can be particularly beneficial if you are purchasing a period property or an older property.
Identifying Planning Issues
The survey process can sometimes reveal planning issues that may affect the property. Certain properties may be subject to restrictions such as those in Conservation Areas, or may have had alterations or extensions that have not received planning permission, for example. Identifying these issues early can help you make informed decisions and avoid any potential legal problems.
Investing in a house survey before buying a house can undoubtedly save you money in the long run. To discuss the range of survey options offered by Matthew Parkinson Surveyors, please get in touch.
