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  • Writer's pictureSarah Ruivivar

Skipping Home Surveys: A Risky Game for Buyers

Image credits: Scott Graham / Unsplash

A recent survey by the HomeOwners Alliance has shed light on a risky trend: skipping home surveys.


The research reveals that about 60% of homeowners who purchased within the past five years had a Royal Institution of Chartered Surveyors (RICS) house survey or a new build snagging inspection. However, the remaining 40% decided to forgo this crucial step, and around 11% of them have since discovered problems with their property.


Yes, you read that right! One in every ten buyers who skipped the survey now regret their decision.


 

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Of those who did have a survey, 30% took action based on the issues identified. This included 10% who renegotiated the purchase price and 9% who had the sellers fix the problems. Interestingly, only 4% pulled out of the purchase entirely. This suggests that having a survey done can actually enhance the home buying experience, rather than hinder it.


Paula Higgins, Chief Executive of the HomeOwners Alliance, commented on the findings, stating, "Our research shows what a worthwhile investment having a house survey is." She added, "We recommend surveys for homebuyers as a great way of avoiding unforeseen and unpleasant surprises when it comes to moving into your new home."


The message is clear: getting a survey is a smart move for buyers looking to protect their hard-earned cash. But remember, not all surveys are created equal. It's essential to understand the different types of surveys, their costs, and what they cover.


So, the next time you're on the verge of buying a property, remember to play it safe. Don't skip the survey!



 

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