Buy a property with your eyes open, says Mike
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15th February 2008
It’s a fact that fewer than 30% of property buyers don’t bother to get a Building Survey of their intended home – assuming that a mortgage valuation is sufficient security.
And that, says Manning Stainton’s Professional Services Director Mike Andrews, can lead to major headaches down the line:-
“A mortgage valuation isn’t a survey, it’s a limited check that the mortgage lender carries out to make sure it’s worth the money they’re lending you” he says.
“If you’re planning to buy an older, larger or more unusual property – or are planning to renovate or alter the property - it’s well worth getting a Building Survey which typically costs a fraction of 1% of the value. It’s a very thorough examination of the property which not only looks at the structural condition but also determines the condition of wiring, central heating and drainage issues amongst other things”.
Myth
Typically costing around £500 to £800, this outlay could save a home buyer thousands of pounds in repair bills…
“Replacement central heating systems will cost around £5000, re-wiring about £3000 and roof problems can be off the dial in terms of repair costs” says Mike “We’re 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. Increasingly stringent building regulations mean that more modern properties – though perhaps smaller are much better built”.
Caution
And, he adds, Health and Safety rules means the days of cheap building repairs are gone. Roof inspections and/or repairs usually require scaffolding for example, certain repairs are beyond the reach of the average DIY enthusiast, and it’s now illegal to undertake any electrical work unless fully qualified.
“Proceed with caution” is the message, and Mike Andrews and his expanding team of surveyors – members of the Royal Institution of Chartered Surveyors – are on hand with expert advice whether buying from Manning Stainton or not.
For a free booklet, “Understanding Property Surveys” contact 0845 337 7037.
