What Lies Beneath Buyers Beware

By the Beresfords Marketing Team - 17th September 2012

One in five owner occupied properties in the UK are at least 93 years old according to the Office of National Statistics. Like most people I appreciate the aesthetic charms of older properties but it’s important to remember that what lies beneath a property’s exterior is just as important in terms of your financial investment.

Buying a house is the largest financial investment most people will make in their lifetime. Yet, worryingly, it is becoming increasingly common for buyers to forgo a survey on their potential new home in an effort to save money in the short term.

Although mortgage providers lending on a property require a valuation report, this is not a detailed inspection of the property’s condition. A survey is the only way a buyer can establish with any certainty how much work a property may need and the potential cost.

Not only does a survey allow the buyer to make an informed and sensible decision on whether to progress the sale, but it can also act as a tool for negotiation on the sale price. If, for example, a survey unearths a problem with the roof, then any repair costs, of course always made subject to survey, could be deducted from the sale price with a revised offer.  

Although it may seem unnecessary and an additional expense when moving house, a survey can save money in the long run, as well as providing peace of mind, which is priceless!