5 Risks of Skipping a Property Survey | Must-Read

Getting a survey is one of the most important things you can do when buying a home. Here’s a guest post from our surveying partners White Horse Surveyors on how not bothering to get a report could have a huge impact.

The process of buying or selling a house is often regarded as one of the most significant financial investments a person will ever make. That’s why, as with any major investment, it seems only logical that you would want to protect this purchase by consulting the advice of an expert working in the property industry. As many property professionals will agree, by spending a relatively small amount of money on a home inspection, you can rest assured that you will be avoiding a multitude of potential difficulties later down the line.

With this in mind, we’ve put together a list of the five most common pitfalls experienced by those who choose not to get a survey.

1. You will be missing out on expert advice

For many people, a survey offers the rare opportunity to receive independent and impartial advice from a qualified professional with years of experience in the field. These RICS (Royal Institution of Chartered Surveyors) regulated specialists will utilise their expertise in the housing market to identify any potential issues, assisting in your final decision on whether to progress with the transaction.

What’s more, in addition to their extensive experience in the industry as a whole, securing the advice of a local property expert can be invaluable - by requesting a surveyor that operates within your region, you can guarantee they will be able to draw upon a wealth of local expertise when advising on specialist subjects. For instance, they will often have bespoke knowledge regarding the local property market, as well as a developed understanding of any environmental risks, such as subsidence or flooding.

2. You can’t guarantee an accurate valuation

This is where it is important to draw the distinction between a mortgage valuation and a property survey. The two are often confused because they are both requested in order to obtain an accurate assessment on a property’s worth. The mortgage valuation, however, is strictly for the lenders benefit, allowing them to determine if the property is safe to lend upon. Meaning it is unlikely that you will ever actually see a copy of this report.

By comparison, when you request a private survey the surveyor is working irrespective of the lender. This ensures that you are fully aware of any potential defects or structural concerns before you proceed with the purchase.

3. Renegotiations will be more difficult

In the case that your survey does identify several issues regarding the condition of the property, the report can subsequently be used to effectively broker the price with the seller. This is especially true of HomeBuyer Reports, which provide a detailed record of all the issues or defects identified, as well as one of three different condition ratings which is used to indicate the severity of these concerns and the immediacy in which they need to be dealt with.
 
By citing the expert findings of your RICS accredited surveyor, you are far more likely to be successful in your renegotiations. More specifically, the seller will be more inclined to offer one of the two following options. They will either, propose a reduction in the asking price of the property that is roughly equal to the buildings estimated cost of repairs or they will agree to make the necessary renovations prior to your move in date.

4. Future costs may be incurred

In addition, once you have received the completed report, you should have a far greater understanding of what exactly the surveyor identified during their inspection. This includes any defects or shortcomings that would have otherwise continued to go unnoticed by the tenant or vendor.

This is where a property survey could potentially save you thousands of pounds in future expenditure.

By having a comprehensive inspection undertaken by a qualified expert, you may be alerted to any number of serious or costly defects that are not immediately obvious. When these kinds of issues are left unattended to, they not only incur significant expenditure later down the line, but also pose a tangible danger to any future occupants. It’s in your best interests to instruct a surveyor to identify these shortcomings early and deal with them accordingly.

5. No peace of mind

As we previously mentioned, buying or selling a home is undoubtedly one of the biggest decisions a person will ever make.

That’s why, when you request a property survey, you can rest assured that the independent evaluation will guarantee that you’re  making a confident and informed judgement, based on the advice of a qualified professional. Not to mention saving a homebuyer thousands of pounds in future costs through the potential to renegotiate the selling price, based on issues identified in the report.