Why should
home buyers get a building survey done?
Moving
house is a stressful process, and you’ve got to organise and arrange tons of
things. Whether it is cleaning your current property, setting up a meeting with
your mortgage broker, or something else, the list goes on. Buying a property is
perhaps one of the most expensive purchases you’d make, and so you should leave
no stone unturned in finding out if you’re making the right move. But, people
often forget a crucial thing – a building survey! While most people think that
they do not need a survey, the truth couldn’t be far from the truth. If you
really want to make a wise move and want to save some
cash in the long run, you should opt for a home survey.
Reasons why you need a building survey in
Birmingham
At times,
people fall in love with a property so much that they are willing to pass off
some defects. Unfortunately, this isn’t the right move and may end up costing
you. Having a survey carried out before buying a property makes sure that you
are not taken by surprise by the necessary repair work further down the line.
Here are
few reasons why getting a building survey in Birminghamshould be high on your priority list.
·
A mortgage provider’s valuation
isn’t enough –Most people
don’t realise that when a mortgage provider gets a valuation done, they simply
get a price of the house/ property for their lending purposes and that it is
not an evaluation. It confirms the value of the property against the prices of
similar other properties in the neighbourhood. While it will tell the lender if
there are any significant defects that affect the value of the property, it
isn’t a detailed report, and wouldn’t tell you what repair or maintenance work
it might need.
·
Buyers who don’t get a survey, end
up paying more–Studies
have shown that surveys are great for finding out hidden defects, structural
damage, wet or dry rot, and even problems with the roof. Such problems only get
worse over time. Thus knowing them in advance allows buyers to make up their
mind whether or not to buy the property and be prepared for the repair costs.
According to a study by the Royal Institution of Chartered Surveyors (RICS),
buyers who move in without a survey, end up paying £5750 on repairs on average.
In fact, 17% of them pay more than £12,000 to make their newly acquired
property more habitable.
·
Surveys help in renegotiating the
price–If the building
survey in Birmingham shows defects that require expensive repairs, it doesn’t
mean you shouldn’t buy it! In fact, by pointing the key defects to the seller,
you may renegotiate the price, considering that you’d have to get those repairs
done soon after it changes hands. Alternatively, you could also ask the seller
to fix the issues and provide warranties wherever possible for the deal to go
through.
What do we recommend?
Choosing a
house to buy is one of the most expensive decisions you’d ever make and thus,
investing a little on the building survey would buy you complete peace of mind.
The building survey identifies all the problems and points any and all repairs
that it might need. It is a small investment that could save you from future
hassles. If you are looking for a building survey in Birmingham, we’d urge you
to go checkout Property Link. They are a chartered surveyor and have extensive
experience in proving advice to clients on construction, and buying and selling
of properties. We believe that when you’re making the biggest purchase of your
life, skimping on getting a survey isn’t really worth the risk.
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