Homebuyers urged not to forget their survey
More than a fifth of homebuyers who did not take out a home survey find themselves owning a property they would never have bought had they been aware of its true condition, according to new research by RICS. Not only do they regret buying it, they’ve been forced to fork out an average of £5,750 in repair bills.
The survey of 1,017 buyers across the UK found that nearly a third failed to arrange a survey – 89% who did not commission a survey now think it would have been a good idea and just over half felt it was value for money.
“Buying a home is one of the biggest decisions most people will ever make and yet many consumers are doing so blind to the facts,” said Peter Bolton King, RICS Global Residential Director. “Serious faults are difficult to identify and costly to repair. By not being aware of them consumers are risking a potential home buying time bomb. This can cause extreme stress and financial strain on homeowners who are often stuck with a property they no longer want but cannot sell.”
The survey also showed common misconceptions – nearly 60% incorrectly identified an estate agent’s primary responsibility, with 1 in 10 mistakenly believing agents act for the buyer, while nearly 1 in 5 think they act equally for the buyer and seller.
There are three levels of RICS surveys:
* Level 1 – Condition Report: Provides an objective overview of the condition of the property, highlighting areas of major concern without extensive detail. This option is for buyers purchasing a modern house in good condition and for sellers and owners.
* Level 2 – HomeBuyer Report: Most suitable for standard older and modern properties that are in an apparent reasonable condition. It provides a concise report with advice detailing any significant problems that could make a difference to the value of a property.
* Level 3 – Building Survey: The ‘flagship’ service providing a detailed report on a property. It is particularly useful for older, larger or non-traditional properties, or one which is dilapidated and has been extensively altered or if the buyer is planning a major conversion or renovation.
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