Risky Business - Why skipping a Survey is a False Economy

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5 Apr 2013

Why skipping a survey is a false economy

Author: Peter Kavanagh

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As a company we always recommend that people undertake an independent survey so that they are fully aware of the condition of the property they are buying. Therefore it has come as no surprise to me that recent research from The Royal Institution of Chartered Surveyors (RICS) has found that one in five homebuyers, who do not undertake a full housing survey, later find fault in their property.

This research surveyed over 1000 buyers. Those who had not undertaken a survey had often done so with the aim to save money. Unfortunately the average remedial costs for the faults with their property was £5,750 with 17% of new owners ending up having to pay more than £12,000 to make their homes habitable. The average survey costs £400, which is low compared with the cost of these potential repairs.

Most people wouldn't buy a car without having either a warranty or inspection undertaken. So it seems odd to me that some homebuyers would, for example, risk purchasing a £200,000 without either a Homebuyers Report or Building Survey.

RICS have observed this is a growing problem as a result of pressure on family budgets to save for a deposit and cover other moving costs. However, the last thing a family on a stretched budget need is a barrage of bills for unforeseen repairs, so I would strongly advise anyone buying a property to make sure they invest in a survey by a qualified surveyor.

Don't take the risk, call Romans Surveyors to arrange your survey on 0845 034 2269 or visit romans.co.uk/surveyors.

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