What can happen if you don’t get a property survey?

Buying a home is one of the biggest financial commitments most people ever make. That is exactly why it makes sense to protect the investment by getting expert advice before you sign on the dotted line. Spending a relatively small amount on a home survey now can save you from a whole host of potential problems with the building later on.

Even so, plenty of homebuyers still view a professional survey as an unnecessary expense. In this blog, we wanted to set the record straight by highlighting the real risks of skipping a property survey, and the significant impact this decision can have.

No expert property advice

A home survey assesses the property to ensure that any serious issues and building defects, such as wet rot, dry rot, roof problems, damp or structural movement, are clearly flagged so you can make an informed decision. Independent advice from a qualified building professional with years of experience in the field is essential to help you properly understand the asset you are about to commit to. A surveyor also brings local market knowledge and specialist expertise, for example when surveying historic properties. Without this insight, you are effectively buying blind and hoping for the best.

A mortgage valuation is not enough

As we explained in some detail in a previous blog post, there is a meaningful difference between a mortgage valuation and a property survey. The mortgage valuation is carried out for the lender’s benefit, purely to assess the risk of their loan to you. An independent home survey commissioned by you has nothing to do with the lender; it is your opportunity to carry out proper due diligence before you commit to the transaction. The point of the exercise is to make you fully aware of any defects or structural concerns, so you can decide how to proceed with all the facts in front of you.

No basis for price renegotiation

If the survey flags worrying issues about the property’s condition, a well-established strategy is to use the findings as a negotiating tool to help broker a fairer price with the seller. A professional survey provides a detailed record of all the issues and defects identified, with ‘traffic light’ condition ratings to indicate the urgency and severity of each problem. Without an authoritative document to support your request for a price reduction or remedial action, your renegotiation attempts are far less likely to succeed.

Greater future expenditure

An independent home survey carried out by a Chartered Surveyor will give you a thorough understanding of the property you are about to buy. The report will often highlight defects that are not immediately obvious to the layperson. Left unaddressed, or worse, unnoticed, these defects can get worse over time and lead to significant costs further down the line. This is where a property survey can truly be worth its weight in gold, potentially saving you thousands of pounds in future repair bills.

No peace of mind

Finally, a property survey delivers genuine peace of mind. Our independent assessment of the building you are considering gives you all the relevant facts, empowering you to make a confident, informed judgement based on solid professional advice. Working with RICS Chartered Surveyors like ourselves at Gowers Surveyors, you really could not be in safer hands. If you would like to discuss your next house purchase, or find out more about our range of surveying services, please get in touch.