Not having a house survey can be a false economy! Some families have historically shunned full building surveys so they can raise enough cash to buy a home.
The Royal Institution of Chartered Surveyors (RICS) warns that they risk huge repair costs after finding nasty surprises later. One in five of those who did not bother with a survey later uncovered faults, according to research involving more than 1,000 buyers conducted by ComRes for RICS.
Remedial work cost £5,750 on average. RICS said 17% of new owners ended up paying more than £12,000 to make their homes habitable.
A full building survey costs as much as £1500 Even the briefer homebuyer report, at up to £750 should pick up serious problems. But many buyers simply rely on only a mortgage provider's valuation. Estate agents say it is a growing problem, the result of family budgets coming under pressure.
Valuations do not include a full inspection. In fact, some are done from a desk miles away or after a drive past the property. A third of the sample of buyers questioned by ComRes had failed to commission a survey. Of those, nearly 20% found faults in their new property.