Something struck me recently – why do some homebuyers feel that it's safe to buy a home without an independent survey, but understandably think it ridiculous to buy a car without an MOT?
Many people fall foul of this trap; because the house is so beautiful and couldn't possibly have an issue with damp (not a visible one, anyway). I have lost count of the number of times a couple's dream has turned into a financial nightmare – something that could be avoided if you know the right people to ask.
Carrying out a professional building survey with a reputable company can help alleviate potential pitfalls or hidden problems, saving thousands of pounds in the process.
According to chartered building surveyors, Linchpin Ltd, it is estimated that only around 15-20% of buyers choose to pay for an in-depth building survey - preferring instead to rely on the mortgage valuation. However, this may not prove sufficient when buying certain types of property:
“A mortgage valuation is not a survey, it is a limited check carried out by the mortgage lender to ensure the property is worth the money they are lending you,” explains Ian Summersgill, managing director at Linchpin.
“If you are planning to buy an older, larger or more unusual property – or are planning to renovate or later the property – it is well worth getting a building survey which typically costs a fraction of one per cent of the value.”
A professional building survey is a no-holds barred examination of a property, from its structural condition, wiring and central heating to the internal and external drainage systems.
Typically, these surveys cost between £750 and £1,500 depending on the size of the property; a good, sensible investment to make which could not only save the homebuyer a substantial chunk of money, but also help to effectively plan any renovation work.
“Replacement central heating systems will cost around £5,000, re-wiring about £3,000 and roof problems can be off the dial in terms of repair costs,” continues Mr Summersgill.
“We are not saying a house is necessarily going to fall down, but the old adage that ‘they don’t build them like they used to’ is simply a myth”.
Strict health and safety regulations within the building industry mean the days of cheap building repairs are gone; roof inspections and repairs usually require scaffolding and its now illegal to undertake any electrical work unless fully qualified.
If you would like to know more about Linchpin Ltd and the services offered please contact 01423 790155, or e-mail info@linchpinltd.co.uk.
www.linchpinltd.co.uk
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