As more and more homebuyers try to save money on their house purchase by cutting back on structural surveys I decided to take a look at some of the risks involved.
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Structural Surveys – Are They Worth The Money?
14th July 2010
Author: Tom Norris QFJ Media
As more and more homebuyers try to save money on their house purchase by cutting back on structural surveys I decided to take a look at some of the risks involved.
Valuation Survey
First off, almost all property that is purchased with the aid of a mortgage is subject to a valuation survey. The valuation survey is done on behalf of the lender to establish the value of the property that you are purchasing. The survey is quite basic and does not include any kind of guarantee as to the structural integrity of the property.
Some property purchasers think that because they have already paid out for a survey then that is all they have to do but this can be a huge mistake.
So What Is A Structural Survey & Do I have To Have One?
Usually it is not a requirement by the lender or anybody else to have a structural survey and sometimes this can lead to problems as most people have no idea if the property they are purchasing has got structural problems or not.
The other point is that structural surveys do not come cheap and there is a growing tendency to risk it so to speak.
Structural surveys on any property are aimed at finding structural weaknesses in the property that could drastically affect the value. Here are a few examples of structural problems on a property that home buyers are unlikely to notice and can cost a small fortune to put right:
- Dropped supporting walls commonly known as subsidence;
- Hairline cracking to brickwork;
- Dropped and cracked arches above windows;
- Bulging outer walls;
- Bulging roofs;
- Uneven floors;
- Cracked ceilings;
- Dropped and cracked cornice.
Those are just a few of the major structural problems that property purchasers can inherit when they purchase a property. It may be that the problems occurred years ago and have now stabilized but they may still give you a major headache when you go to sell.
In the event that you purchase a property with subsidence that is ongoing then action will be required on your part to remedy which is likely to result in huge expenses. If you think your building insurance will cover you – think again as it is very unlikely that you are covered for subsidence.
Structrual Surveys Can Save You Money
Twenty years ago almost everybody that purchased a property had a structural survey done so that they could feel safe. The main aim of a structural survey is for you to be aware of the major faults concerning your purchase before you make the commitment to purchase.
As is common, in cases where there are structural problems that need attention you will be able to use the survey to renegotiate the price of the property should you still wish to proceed. In cases like that then not only is your structural surveyors’ fees money well spent but in fact you may make a few thousand on it.
Conclusion
Purchasing any property involves a large amount of money and a huge commitment. When you consider the costs of the structural surveyor’s fees it might be wise to look at it as additional insurance and peace of mind for your investment and money well spent in the long term.
You can find local surveyors and compare costs for a structural survey or homebuyers survey at Surveyors Supermarket The UK No: 1 price Comparison Site For Property Surveyors.
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