1/3 experience buyer’s regret over failing to instruct building survey

More than half of us fail to get an independent building survey done when we buy a new house, but a third of us are then unhappy about issues with the property that only becomes apparent once we move in.

The results of a survey carried out by retailer Terry’s Fabric Warehouse revealed that more than 50 percent of Brits resist commissioning a building survey.

Basic valuation wasn’t enough

Figures from the Royal Institution of Chartered Surveyors (RICS) show that one in five of us will opt for the mortgage valuation report before sealing the deal on buying a home.

Those who didn’t get an independent survey said they felt the mortgage valuation report had enough information while others felt a survey wasn’t worth the money.

But Terry’s survey showed there’s a great deal of buyer’s regret for those who think they’re saving money by sticking to the basic mortgage valuation – 35 percent of respondents said they encountered more issues than they expected when they moved into a new home.

The survey showed that more than a third of us aren’t happy with our homes, and more than a quarter of us (26 percent) put a £20,000 price tag on turning their property into their ideal home.

Surveyor Local has a survey to suit

Most homeowners said they’d rather remodel their current place than move, but more than a quarter preferred to move to a new place rather than try and improve their surroundings.

Surveyor Local works only with chartered surveyors who are members of RICS, offering a range of building surveys that will suit both your budget and your intended purchase.

Make sure you don’t experience buyer’s regret when instructing a RICS surveyor could reveal any potential issues with your property. Talk to our team now on 0800 038 6667 or get an immediate, no-obligation quote here.

Post Author: Frances Traynor