Failing to get the right kind of RICS Level 3 Survey done when buying a house can leave a homebuyer seriously out of pocket. A new study by home interior specialists Hillarys shows that more than half of new homeowners had to pay out almost £3,000 on essential repairs AFTER they had purchased their property.
In the survey, three out of five homebuyers (62 percent) quizzed by Hillarys didn’t know what surveys they could commission before buying a house. The study questioned more than 2,000 people in the UK aged 18 or over who had bought their first home within the last year.
Confusion over the reports available
Of those who were clueless about RICS Level 3 Surveys, an astounding 79 percent said they believed one survey covered everything and they “didn’t need any additional surveys done”.
At Surveyor Local, our expert team always explains everything you need to know about available surveys and discuss which particular report would best suit your requirements.
In a follow-up question, respondents were asked about the surveys they had commissioned before completing the purchase of their home. The top five home surveys were:
- Condition Report, 61 percent
- RICS Level 3 Survey, 58 percent
- RICS Level 2 Survey, 31 percent
- Electrical Installation Condition report, 25 percent
- New-Build Snagging Survey, 19 percent
And an incredible 71 percent said they felt they had not had either the correct survey or enough surveys done on their property before signing on the dotted line. A further 58 percent then discovered their new home needed additional work carried out after they had moved in. The average cost of those repairs was £2,790.
Outside help was invaluable
Of the 29 percent of people questioned who felt happy that they had had all the relevant surveys carried out, nine out of 10 (90 percent) had received outside help from the likes of a mortgage advisor, friend or family member who knew the process.
Meanwhile, more than half of those quizzed (54 percent) confessed that they did not fully understand what was required when buying a home. Almost eight out of 10 people (78 percent) who had bought in the last year described the experience as “stressful” with 19 percent calling homebuying a “negative experience”. Only 3 percent said they had enjoyed the process.
Tara Hall of Hillarys said: “Buying a house can be a really complicated and stressful process, so It’s important to do your research and, if necessary, get some advice from family, friends or professionals who can help you through it.”
Surveyor Local has the expert professional you need
Make Surveyor Local your first stop to get the right survey for your property purchase. Our expert team can guide you through the available options to ensure you choose exactly what’s needed. We only work with chartered surveyors who are members of the Royal Institution of Chartered Surveyors (RICS), meaning you have an experienced professional on your side from the start.
Call Surveyor Local now on 0800 022 4428 or get a quote for a RICS Level 2 Survey, RICS Level 3 Survey or valuation instantly.