If you are buying a used property or a slightly old property in a premium locality, one of the must do tasks is getting it surveyed by a competent surveyor. For, a recent survey revealed that more than 13 million home-owners in the UK had to undertake repairs of their buildings after moving into them because they had failed to get the properties surveyed!
After you inspect a property and decide to buy it, hire a surveyor on a priority basis to have it inspected for damages and other issues that might skip your attention. In fact, this will help you in renegotiating the price with the home-owner or the agent.
A research conducted by Churchill Home Insurance revealed that the number of home buyers, who undertake a comprehensive survey of the property before buying it, has reduced to 6 per cent in the last one year in the UK property market. It is important that a home buyer has prior knowledge of three aspects of property – roofing, subsidence and dampness – which otherwise could lead to repair and restoration works a few years later. According to the survey, approximately 7 million home-owners are yet to undertake a survey of their properties.
There are several reputed surveyors, who certify a property by assessing its condition through a comprehensive survey. Proper certification will assist a home-buyer in making an informed decision on the asking price. In addition to renegotiating the price, the survey will also help the home-buyer in assessing the financial implications of the repairs that have to be undertaken after acquiring the property.
Many times, property buyers give this process a skip, as they consider it to be an additional financial burden. But from a long term perspective, it is imperative to enlist the services of a surveyor to avoid any potential financial risk.
According to UK surveyors, the three most common problems with a property that wouldn’t be detected unless buyers had a comprehensive building survey are damp at 33%, problems with the roof structure at 23% and subsidence at 15%. UK surveyors report that less than 10% of their clients instruct them to carry out a full building survey when they buy a property.