RICS has released research warning that homebuyers across England and Wales who fail to order a home survey are risking losing thousands of pounds as a result. This is because a home survey reveals any structural problems or serious defects that may exist and therefore gives the buyer a chance to be more informed when deciding whether to proceed with the purchase.
The RICS Condition Report offers clear advice on the condition of the property as well as details on any urgent defects and advice for legal advisors. It sits alongside a mortgage valuation but does not provide an additional valuation. A major problem, according to the RICS research, is that many people are not aware that a mortgage valuation itself is not a survey and therefore does not highlight details of urgent faults in the property. The RICS Condition Report offers ‘traffic light,’ ratings which give an overall clear picture of the state of the property that is easy to digest.
David Dalby, the RICS spokesperson has commented:
“In difficult economic times it pays to be prepared. Nobody wants to be left with a home that needs extensive repairs or one they can’t sell on. By having a survey you’ll be armed with information on the condition of the property which puts you in a stronger position to decide whether to proceed with the purchase, or negotiate a better deal.
… Interestingly, other parts of the housing market are also using surveys to their benefit. For landlords this can be to assess their investments, while we are also seeing sellers turning to surveys in order to prepare for the sale of property. These highlight any problems that may potentially delay the sale or impact on the price later in the process.”
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