Two-thirds of homebuyers who had problems exposed by their survey used the results to help negotiate a better deal, new research has found.
According to Which? Mortgage Advisers, four in 10 (43%) homebuyers were able to use their survey results to pay less, while a further quarter (24%) used the results to persuade the current owner to fix a problem before they exchanged contracts.
One in 10 homebuyers pulled out of a purchase as a result of the findings from their survey.
David Blake, principal mortgage adviser of Which? Mortgage Advisers, said: “Getting an independent survey is vital when buying a property and could help you save a significant amount of money further down the line. Surveys will either give you peace of mind about the condition of the building or, if there are problems, provide you with a powerful bargaining chip for negotiating or asking the seller to fix any problems.”
It is always wise to get a survey as even if you are buying a new home as there can be problems with it. The costs of a survey can vary depending on the location, size and type of property. It is also a good idea to get a range of quotes as different surveyors can also charge varying amounts.
Types of survey
There are three main types of property survey: condition reports, HomeBuyer’s reports and building surveys. While the HomeBuyer’s report tends to be the most popular option, there are no hard and fast rules about the type of survey you should get.
Condition report – Gives an overview of the property’s condition and highlights significant issues, but doesn’t go into detail. This survey is suitable if you’re buying a relatively new property with no previous issues, and just want some reassurance that everything is OK.
HomeBuyer’s report – More detailed than a condition report. Highlights problems such as damp and subsidence and includes advice on necessary repairs and ongoing maintenance. The most popular type of survey, and the standard choice for most properties that are in a reasonable condition.
Building survey – The most comprehensive survey you can get. Provides a detailed analysis of the structure and condition of the property. A good option if you’re buying a property that’s over 50 years old or in a poor condition. Also worthwhile if you’re planning to do significant work or have major concerns about a property.
Snagging survey – Identifies defects with a new build property, covering everything from small cosmetic issues to structural problems. Anyone buying a new-build home should have a professional snagging survey done.
Article published by What Mortgage - 25th October 2016