Reasons why you should have a survey before buying a property

April 7, 2017 by Brendan O'Neill

Advice & Tips

Buying a house is possibly the biggest investment you will ever make, which is why you should always carry out thorough research before investing in a property. After all, you wouldn’t make any other investment without doing some research.

Despite being a large investment, there are still people who don’t want to pay for a survey before buying a new home, even though having a survey carried out would reveal any damage or repair work which could be expensive.

Although you may consider that you have inspected the house thoroughly, a surveyor will use specialist equipment to produce a detailed report, even gaining access to areas which you may not be able to get to. A chartered surveyor is bound by a strict code of conduct, and will only report the facts so that you can make an informed decision of whether to buy or not.

A common misconception is that a mortgage valuation will suffice when buying a home, but this only provides a valuation for the lender. Although major faults which could impact on the property value will be reported, smaller yet still expensive faults may be overlooked.

A surveyor will uncover any issues which are likely to result in a huge repair bill in the future. According to data, the average repair bill for a homebuyer who hasn’t had a survey carried out is £5,750.

Investing in professional advice, like a surveyor or CeMAP qualified mortgage adviser, can save huge amounts of cash when buying a property.