People often describe buying a home as the biggest purchase you’ll ever make in your life. So, it’s not surprising that many buyers are looking for ways to save money! There are a few ways you can do that when buying a property. For example, you could go directly to your bank for a mortgage, skipping the broker fees, but end up paying thousands more over the course of your mortgage. Or you could use that rock-bottom priced solicitor who drags their heels, ultimately letting the entire chain collapse and costing you your dream home, plus thousands in legal fees. Both ways to save money, with some significant buts attached.
Another common one? Skipping a home survey. Why it’s not worth the gamble. Some buyers see commissioning a survey as a totally unnecessary cost. They think, what could possibly go wrong? After all, the insurance company will pick up the tab if something does go wrong… won’t they? Won’t they?!
So ask yourself, is that a gamble worth taking?
We’ve all seen those shows on TV, where a hapless person buys a property, only to move in and find themselves saddled with thousands of pounds worth of repairs to make the building safe to live in. We aren’t talking about squeaky hinges or a leaking pipe either. We’re talking rotted joists, collapsed lintels, and shaky foundations.
In almost all circumstances, a home survey could have helped the buyer avoid these issues entirely. It’s easy for a layperson to look around a property during an estate agent viewing and see nothing but shiny appliances and newly painted walls. But estate agents have a way of skirting around issues. While a surveyor sees the costly stuff – sometimes hundreds of pounds of outstanding remedial work needed.
In the last few years, we’ve seen multiple properties where a developer has done a ‘tart and turn’ refurbishment, which makes the property look polished and modern while ignoring basic maintenance like repointing brickwork or renewing old flat roofs. In one case, we even saw a ‘new’ central heating system that looked like it had been installed by someone who had only read about pipes in a book. Once. A long time ago.
It’s important to remember, finding defects in a survey – that doesn’t automatically mean you shouldn’t buy the house. i, But it does give you the option to pass the cost and liability on to the seller by renegotiating the price.Or insisting that the repairs are done before exchange, at the seller’s cost.
Of course, not every property has major hidden defects. Surveys are also great at picking up on the minor ones. Things like poorly adjusted doors or blown double glazing panes. Surveys can also flag up non-conformities with current building regulations relating to safety, such as large gaps in balustrading. Knowing that these issues are there means you can consider what elements are most important to you. After all, the vendor might have lived with minor niggles for years, and if you’re laid back you might decide that they’re not that important to you.Maybe you’re a good DIYer with the skills and time to deal with these issues, or you don’t live a lifestyle where young children will visit.So the gaps in the balustrading aren’t that important.
A lot of vendors will go in thinking that a surveyor won’t find anything wrong with their property. That’s exactly what happened with a starter home we inspected recently in Hampshire. It had significant damp issues. But because we caught them before the sale went through, the buyer was able to pull out. We’re now helping them assess another property.
Some people believe that expensive building repairs can be handled under home insurance. And yes, sometimes this is the case.But the majority of defects come down to poor maintenance, , which unfortunately means they won’t be covered.
We’ll give you an example. Say water starts leaking in through the chimney or through worn-out pointing between your ridge tiles. Your insurance company will look at that as a lack of maintenance, and label any remedial work to fix it as maintenance work. Depending on the details of your policy, they might pick up the cost of internal redecoration and repair for knock-on effects, but you should definitely check this with your insurance broker. These types of repairs are very common, and will often cost hundreds or thousands of pounds to put right. So why take that gamble when you could commission a home survey, catch the problem before you buy and pass the cost of repair onto the seller?
The bottom line is, if building damage happens due to a lack of maintenance, or if something is worn out, then it’s not an insurable risk.
If you’re looking to save money when making a property purchase (and lots of people do), skipping a home survey might seem like a good idea. But think of this. If you don’t have the money to pay for the survey, what would you do if you bought the house and were faced with a repair bill of £1,000, £5,000 or even £10,000? Yes, we’re clearly biased!But skipping your home survey can be a significant gamble. Which could compromise your financial future if you’re already a bit stretched.
If you’re not normally a gambler, buying a house isn’t the place to start! If you’re considering buying a property without commissioning a survey, our friendly team of surveyors will be glad to discuss some of the common risks with the type of property you plan to purchase, and help you consider the best options for your financial situation.
We’re a pragmatic bunch, so if you’re on the fence we’re always happy to help you consider your options. While we would love everyone to have a survey, we will occasionally come across someone who has some money tucked away and is buying a low-risk property, and who is happier to gamble with the prospect of losing thousands of pounds just to save one.But that’s a rarity. More often than not, once someone understands the risks they ask us to take a look. So unless you have stacks of cash tucked away to pay for unexpected property repairs, the chances are you’d be better off with a survey. So why not give us a call on 020 8153 1233
For more expert advice on surveying and property matters, check out our range of informative videos on our website or YouTube channel. Harrison Clarke Chartered Surveyors is here to guide you every step of the way!
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Tim set up Harrison Clarke Chartered Surveyors in July 2017 following a series of public and private sector surveying roles, having previously worked for the University of Cambridge, Rund Partnership, Goadsby, and CBRE.
Tim has degrees in building surveying, construction project management, and business administration.
