Do I need a Survey?
20% of buyers get a professional survey prior to purchasing their new home. Which means 80% of buyers are taking a big risk. There is a misconception that they are costly and not worth the effort. But requesting a survey can also mean avoiding lofty expenses and stress down the line. According to The Royal Institute of Chartered Surveyors (RICS), many buyers are unknowingly setting themselves up for an average £5,750 in repair bills on their new purchase!
So learn your property’s secrets. Some unpredictable problems such as rot, subsidence, and structural defects are hidden to the inexperienced eye and only apparent to a professionally qualified chartered surveyor. So to avoid a property with walls on the verge of collapse, or that’s built on a floodplain, and to be informed about upcoming repairs to the chimney chutes, extensive rewiring, or the type of glaze you’ll need, requesting a survey is a smart move.
Do surveyors work on behalf of both a buyer and a lender? This is a frequent misunderstanding of potential buyers, and the answer is no! A Mortgage Valuation is conducted for the lender alone, and you need a more detailed report to protect your interests.