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Surveys help investors buying properties with troubles - new stats

Surveys help investment buyers understand more about the properties they consider purchasing - and could save them money in the long run too.

Of those who had a survey undertaken before buying their property, some 30% took action as a result of issues flagged up, and amongst this group one in 10 renegotiated the purchase price, while 9% got the sellers to fix the problems.

This has emerged from a study by the HomeOwners Alliance which shows that almost 60% of adults who bought within the last five years say they had a RICS house survey or a new build snagging inspection. Of those who didn’t get a survey before buying their property, 11% have discovered problems with the condition since moving in and regret not having had a survey.

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Having a survey enabled other buyers to get quotes for remedial work before deciding whether to go ahead with the purchase or discuss issues flagged in the report with their surveyor.

Only 4% of people who had a survey reported they pulled out of the purchase altogether, showing that in most cases having a survey done can enable a better home buying experience.

The chief executive of the HomeOwners Alliance, Paula Higgins, says: “Our research shows what a worthwhile investment having a house survey is. We recommend surveys for homebuyers as a great way of avoiding unforeseen and unpleasant surprises when it comes to moving into your new home. Save money by getting a survey so you can identify any issues and get them fixed or renegotiate the price so you aren’t out of pocket and avoid homebuyers regret.”

“We’re keen to get the message across that getting a survey is a no-brainer for buyers looking to protect their hard-earned cash. But not all surveys are the same  so it’s important to understand the different types of surveys on offer, their costs and what they cover.”

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