Released On 7th Feb 2019
Why a Home Survey Can Save You Money
No house is perfect. Even the most carefully maintained property will have a small number of imperfections. Almost certainly, you could make an impromptu list of the things you know should be repaired in the property in which you currently live.
The same is true of the property you are proposing to purchase. There are bound to be maintenance items and small defects present that can be dealt with by routine, minor repairs.
However, many people, upon commissioning a building survey, find problems in the report that they had not anticipated having to deal with, over and above routine maintenance items that they were already aware of. The cost of such repairs can be dealt with prior to purchase by an agreement to lower the purchase price to take account of the necessary work that needs to be carried out.
Building Surveys and Homebuyer Reports that saved our clients money
In the past six months, there are three situations that we have been made aware of :
- In a building survey on a terraced house in Oxford, we noted in our survey that a rear upper flat roof covered with felt was in poor condition, with split flashings and no damp-proof course in the perimeter parapet wall. The cost was assessed at £3,000. This amount was taken off the purchase price in full.
- In a building survey in London, we noted in our survey report that two areas of brickwork to the rear elevation were bulged with many areas of pointing perished. The cost was assessed at £6,000, and £4,000 was taken off the purchase price to reflect this.
- In a Homebuyer Report in Henley, we noted to a 1930s property that there was root growth in one of the inspection chambers, with the original clay drainage pipes still in position. We recommended a drains test which was duly carried out. The cost of repairs, which involved digging up sections of the drain to replace defective pipework, was assessed at £5,000. This whole amount was deducted from the purchase price.
Some properties are obviously in generally good condition and a survey report which confirms this is just for peace of mind. However, a significant number of properties, upon inspection, are revealed to have defects which need mandatory repair which the purchaser had not budgeted for. In such cases, cost savings as a result of a building survey report, can be considerable.
For peace of mind that you're not facing huge and unexpected repair bills when you're the new owner, ask for a quote to carry out a building survey or Homebuyer Report before any prospective property purchase.
23 January 2019
20 June 2018