Data from Legal & General Surveying Services has revealed that damp and other common issues are often missed by homebuyers who skip surveys, which could lead to costly repairs and health risks.
The main problems identified were damp (22%), asbestos (18%), and lack of building regulation approval for alterations and extensions (12%).
The NHS spends around £1.4bn annually on treating illnesses linked to cold or damp housing, according to Building Research Establishment (BRE).
Of those surveyed, 14% said cost was the reason for skipping a home survey.
While a Level 2 survey costs about £400 on average, costs to fix issues like rising damp can reach £2,750, according to Checkatrade.
Asbestos removal typically costs around £1,750 per square metre.
Almost two-thirds (64%) of respondents believed homebuyers skip surveys because they do not fully understand their value (26%), are unaware they need one (14%), or think a lender valuation is enough (24%).
Despite low awareness, a majority of respondents (69%) were confident that homebuyers would follow recommendations from a survey.
Malcolm Webb, risk director at Legal & General Surveying Services, said: “Buying a home is typically the largest purchase a person will make in their lifetime, so it’s essential to ensure that the property is in good condition.
“It’s only natural that a homebuyer will look to reduce costs whenever possible, but skipping a home survey is often a false economy.
“Issues like damp and asbestos not only bite into your wallet, but they can also have a significant impact on your health.”
Webb added: “We found that those who do commission a home survey overwhelmingly value the insights and peace of mind provided.
“Any issues identified through a survey can also be reflected in the final purchase price if both parties agree to negotiate on the basis of expected repair costs.
“The issue isn’t with having a survey – it’s that many customers aren’t aware of the difference between a home survey and a lender valuation.
“Many lender valuations are now completed remotely, facilitated by sophisticated technologies like Automated Valuation Models or desktop valuations, allowing surveyors to conduct their assessments without stepping foot inside a property.
He said: “More needs to be done to clarify the importance of surveys and how they can safeguard buyers; we all have a role to play in improving consumer education, and brokers can play their part by highlighting the importance of home surveys when advising buyers.”
Article taken from The Intermediary - Written by Marvin Onumonu
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