Buying a property is likely to be the biggest and most stressful purchase that you will ever make. Thorough building surveys are essential for helping to understand what you are buying. While a property can be a lucrative asset and investment, it can also be a serious liability. The overall picture should be clear before making a commitment. This ethos applies to investment property as well as private homes.
Recent RICS research found that 1 in 5 homeowners who didn’t commission a survey on their property later uncovered defects that cost an average of £5,750 to resolve. The same research found that 17% of homeowners spent more than £12,000 making their homes habitable after failing to notice defects. Unforeseen costs on this scale will not be a welcome surprise.
Research by Churchill shows that Britain is a nation of gamblers, with over 7 million homeowners not bothering with a survey at all in 2016. It’s insane to think that so many buyers don’t look under the bonnet before handing over their life’s savings.