Moving to London isn’t cheap – but with four out of five people not investing in a detailed survey, prices can spiral and many are facing huge repair costs later down the line, something most of us can’t afford on top of the asking price for that little period terrace number you’ve had your eye on…
Whether you’re moving to a Grade II listed mansion in Muswell Hill or an ex-council flat in Wembley, moving in London can be pricey, so why would you choose to buy blind? A Home Buyers Survey or Full Building Survey only costs some extra pounds but can save you thousands in the long run.
Avoid any nasty surprises
A 2014 survey from RICS showed that homebuyers spend on average a huge £6,000 on repairs immediately after purchasing their new property – that’s £6,000 that may well have been shaved off the asking price – if only they’d known!
On top of that, it’s generally estimated that four out of five buyers choose not to invest in more than the mortgage valuation survey, which is about as basic as it gets. With a more detailed survey from a RICS qualified property surveyor, these people could have spotted the repairs and haggled the price of the property down to cover the costs. At Surveyor Local, we work only with RICS surveyors, who have experience in the area local to the property you’re purchasing.
London property needs extra consideration
According to specialised London conveyancing firm, Capital Conveyancing, many of the properties being bought and sold in the city centre are of a period style such as Victorian or Georgian. Due to their age and special features, some of these properties can come with structural problems, damp or even asbestos.
In addition, many of the more modern estate houses on the outskirts of Greater London are what’s known as ‘System-built Houses’, meaning they were built with mass-produced parts and assembled onsite in the early 20th century. These properties are often rife with structural problems which might only be noticeable on a Home Buyers Report or Full Building Survey.
Save money in the long run
The initial asking price of your property can sometimes be negotiated with the seller following information from a proper survey, but further down the line you’ll save money too as no one wants the expense of a new roof or boiler before the first month is even up.
The same goes for selling – if you’re selling property in London, a Full Building Survey could give you the evidence you need to defend your asking price, and if any faults do come up, you’ll be fully aware before you put it on the market
So whether you’re buying an apartment or a mansion, houseboat or bungalow, make sure you invest in a Home Buyers Report or Full Building Survey to ensure you’re getting your money’s worth and not a pain in the wallet.
The property surveyors we work with are fully qualified and accredited, friendly and professional, to find out more or to get a free no-obligation quote, call 0800 038 6667 or use our online quote service.