Home surveys can save you money, RICS reminds buyers..
A warning has been issued to Yorkshire homebuyers that mortgage valuations are not home surveys, and will not reveal hidden faults that could prove costly to repair.
The RICS (Royal Institution of Chartered Surveyors) issued the reminder to stress that that mortgage valuations are carried out in the interest of the lender and will not highlight the condition of a property.
Graham Ellis, RICS associate director, residential, said: “RICS has long called for the home buying process to be simplified and for more to be done to educate buyers – particularly the younger generation –on the importance of commissioning a Home Survey before purchasing a home and not confusing it with a valuation, as so many often do.
“A mortgage valuation is for the lender as it provides assurance for the loan required. It will not provide any details on the condition of a home. It is the Home Survey that provides this valuable information, including any faults or urgent defects that may affect the value of a home, such as problems with damp or timber, decaying walls/roof and structural movement; enabling the buyer to make an informed decision before committing to purchasing a property.”
To help educate buyers on the benefits of commissioning a Home Survey before purchasing a property, RICS has produced a free impartial guide to Home surveys which details what you can expect from a survey and which one is best for your needs.
Home Surveys start at around £300 and there is a choice of three to commission, based on the size, age and type of property.
Mr Ellis added: “The average repair bill that homebuyers face once they move into their new home is £5,750 so a Home Survey is money well spent as it can actually save you from having to pay anything at all for repairs.
"For example, if the report reveals any problems, you can often re-negotiate the sale price of the home to reflect the cost of any necessary repairs . Or you may even decide you don’t want to buy the property at all.”
Different homes require different types of survey, he said, and the RICS free Home Surveys guide explains more about what each report will provide. Chartered surveyors can advise furthe
If you require a Home Survey you should contact a chartered surveyor or an RICS regulated firm, as they are required to have professional indemnity insurance which protects buyers should the surveyor fail to detect a fault which later becomes apparent. Find a chartered surveyor/affiliated firm in your area at www.ricsfirms.com.
Download a copy of RICS’s free impartial guide to Home Surveys: www.rics.org/consumerguides