Should I get a House Survey?
Although many people don’t get a survey and rely on the valuation report carried out for their mortgage this is often a false economy. The valuation report is for the lender and just gives a value to the lender to confirm the lender has no risk. It does not consider the condition of the house. See our Guide to Surveyors and the varying types of survey you can get.
Older properties can hide many problems such as dry rot, rising damp or even subsidence which can cost many thousands to rectify. The average cost of repairs for a typical 3 bedroom house has been worked out at over £5,000.
A full building survey should identify all of the problems or flaws in a home which will require rectification. It will also estimate the costs of doing so. This can then be used to negotiate the price down as it may be that the owner was not fully aware of all the work which had to be carried out. If the house is older or has not been maintained properly, the cost of repairs can soar and will dwarf the cost of the survey.
A survey will reveal if there are substantial maintenance costs which can be used to reduce the price.