A home survey is another expense when buying a property, but identifying defects before purchase can potentially save a buyer considerably more in the long term.
At Stokemont, we provide both Level 2 and Level 3 Home Surveys, as well as comprehensive Commercial Building Surveys.
This means we can support a wide range of property requirements, whether you are purchasing a home, investing in a commercial property or simply looking for a clear understanding of a building’s condition before committing.
The important point is not simply the cost of the survey. It is the information that the survey provides before you commit to the purchase.
You can obtain an instant survey quotation using our online quote feature.
From there, we will take care of the next steps, including liaising with the seller and estate agent to arrange access and progress the survey through to inspection and reporting.
How can a survey save money?
A survey may identify defects that were not apparent during ordinary viewings.
These could include:
- Roof deterioration
- Damp and moisture ingress
- Structural movement
- Timber decay
- Defective windows
- Poor external maintenance
- Defective drainage
- Alterations requiring further investigation
Some defects may be relatively inexpensive. Others could require substantial expenditure.
Can I renegotiate after a survey?
Potentially.
If significant defects are identified, you may decide to discuss the findings with the seller.
For example, if a survey identifies extensive roof deterioration, you could obtain a contractor’s quotation and use the information when considering whether the agreed purchase price remains appropriate.
There is, however, no automatic right to a price reduction. The seller is not obliged to accept a revised offer simply because defects have been identified.
What if the defects are too serious?
A survey can also save money by helping you decide not to proceed.
If the likely cost and disruption associated with remedial works are greater than you are prepared to accept, discovering that before exchange is considerably preferable to discovering it after completion.
The survey therefore gives you information at a point when you still have choices.
Does every defect justify renegotiation?
No.
Properties require maintenance, and a survey will often identify a mixture of minor defects and routine maintenance.
The important consideration is the significance of the findings and whether they represent costs or risks that were not reasonably anticipated when the offer was agreed.
Stokemont’s advice
A home survey should not be viewed as an insurance policy or a guarantee that you will save money.
Its real value is providing independent information about the property’s condition before you become committed to the purchase.
In some cases, that information may support renegotiation. In others, it may simply give you confidence that the property is suitable for your needs.
Either way, an informed purchase decision is generally preferable to discovering significant defects after completion.
If you are purchasing a property and want independent advice before committing to the transaction, contact Stokemont about a RICS Home Survey.
