It surprised me this morning as I was trawling the newspapers to find out that many people in the UK who invest their hard earned (borrowed) cash into a dream house, still don’t make sure it’s structurally sound.
We’ve all heard about the “drive-by” survey. Probably the main reason for this is a full survey can add quite a bit to the fees you already have to pay when buying a home in the UK. However, according to the RICS (Royal Institution of Chartered Surveyors), one in five people who don’t have a full survey done end up regretting the moment they ever set eyes on what they thought would be their dream purchase.
Of course, there are extreme cases such as foundations crumbling away. There have been people who looked at the views out to sea, and loved the idea of being near the edge of a cliff, only to find years later, their home becomes part of the ocean.
On the flip-side and, this should be in no way treated as any less serious, there are people who don’t realise the amount of money they’ll have to spend on costly repairs. Again, the RICS comes to our rescue with this one, stating the average cost of repairs amounts to something just over £5,500 which is WAY more than you would pay to have a proper survey done.
We live in a society these days where property is seen as an investment, especially amongst the younger generation, and the trend for not having a full survey done is taking its financial toll.
So, the advice I have for you today is, if you think you’ve found your dream home don’t be side-tracked by your desire to buy it. Hold these feelings back until you’ve had a proper structural survey done! OK, so there may be instances when the report comes back and lists a good number of issues. This doesn’t mean you can’t still seal the deal and eventually move in, it just means you may have to engage in further discussions about the price and how these issues can be addressed.
Of course, for those of you looking to buy a home abroad, this is a completely different “ball game”. More on that another day, in the meantime make sure the house you’re buying won’t fall down!
Author: Julie Coburn