Currently in the UK, the average price of a property is circa £165,000 yet 80% of the buying public are not prepared to pay a fraction percentage of that to find out the condition of the property they propose to live in for, on average, 7 years.
Maintenance costs are ever-increasing, with the cost for a day’s work by a skilled man averaging £200 plus VAT per day. The price of a new window frame is circa £300 plus VAT, which is the cost of the average Survey.
Peter Knight , Managing Director of Manchester based Knight Site Solutions said; “What purchasers need to appreciate is that a property survey would help a buyer make a more informed decision on whether to proceed with the purchase before entering into a legal commitment“.
He Continued; “Commissioning a Chartered Surveyor to carry out a Building Survey, depending on the property type and condition, will involve a detailed inspection of the property, ultimately leading to providing an accurate valuation, having regard to the condition of the property market. Unfortunately I have come across many occupiers that have not carried out adequate due diligence and end up seriously out of pocket.
We always advocate that a site inspection and condition survey is obtained prior to committing to a lease. It’s a small upfront cost but it can certainly pay dividends in a property acquisition”.
What purchasers also need to appreciate is that a survey often leads to a better price being achieved for the property, allowing the potential for re-negotiation on the purchase price. In uncertain economic times it makes sense to achieve the best possible value when considering a purchase.
Purchasing a property is an emotional experience. Instructing a Chartered Surveyor to carry out an arms-length survey will ensure the right decision is taken.
We thank Peter Knight at Knight Site Solutions for his expert contribution.