A third of homeowners who undertook a house survey saved money by spotting issues before moving in, research reveals.
Of those who opted against taking a survey, a tenth (11%) regretted it after finding problems once moved into their new property, according to HomeOwners Alliance data.
A tenth of the homebuyers who took a survey decided to renegotiate the purchase price once issues were found in the new home.
There was a similar number (9%) who agreed on a deal for the seller to amend the problems.
Further, the survey also gave homebuyers the time to get quotes to know how much potential work would cost before proceeding with the transaction.
The homebuying experience was generally improved thanks to a survey, according to the 2,000 respondents asked by the property advice experts.
Half of homebuyers opt for house survey
Only 4% of those who paid for a surveyor to inspect their new home pulled out of the deal to purchase it.
The popularity of going through the process is ever-growing as knowledge of a house survey’s importance becomes more well-known. Half of property buyers (47%) who bought their homes in the last five years had an official survey from the Royal Institution of Chartered Surveyors (RICS).
The typical cost of a level one RICS survey is between £300 and £900, depending on the price of your property. This level is suitable for “standard properties and new homes.”
A level one RICS survey will cover you for visible defects in your new home and will highlight issues in need of urgent attention. There are three levels available, which escalate in price based on the condition and age of the home.
An extra 13% who bought their home in the last five years had an alternative ‘new-build snagging inspection’. This type of survey identifies defects in your home for your builder to fix and starts from £300.
‘Worthwhile investment’
Paula Higgins, chief executive of the HomeOwners Alliance, says the data shows “what a worthwhile investment having a house survey is”.
Higgins said: “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.”
The price of a RICS survey based on property valuation:
| £100k – £249k | £250k – £349k | £350k – £499k | £500k – £1m | |
| Level 1 | £300 – £500 | £500 – £600 | £600 – £700 | £700 – £900 |
| Level 2 | £400 – £600 | £600 – £700 | £700 – £800 | £800 – £1000 |
| Level 3 | £630 – £800 | £800 – £900 | £900 – £1,100 | £1000 – £1,500 |
