Most homes aren’t thoroughly inspected before a purchase

Homebuyers are taking big risks when they buy property, as three in five (59%) UK homes aren’t thoroughly inspected before a purchase, research from GB Home Surveys claims.

A number of buyers are relying on property valuations from mortgage lenders, which commonly rely on desk or drive-by surveyors rather than undergoing a full review.

Surveyors are now utilising technology, from damp detectors and 3D scanners to drones.

Some 43% of homeowners revealed they have experienced issues with damp when either purchasing or renting a property, with 26% confirming they have experienced electrical issues.

James Quinn, director of surveyor firm GB Home Surveys, has penned a guide on the differences between a lender’s valuation and a survey.

Quinn wrote:

“A home survey is a detailed examination of a residential property for a prospective buyer, which checks the site for common issues such as mains, asbestos, dampness and much more.

“A home survey is carried out by a surveyor before the property is purchased.

“Once the inspection is complete, a report is created and shared with the buyer, containing photographs, notes, recommendations and a report on the overall condition of the property.

“In contrast, a mortgage valuation looks at the property’s overall value and protects the bank’s investment.

“It is not a thorough detailed evaluation like a home survey, which details all defects, and identifies areas of concern to protect the investment of the purchaser.

“Although a mortgage valuation can pick up on certain potential problems, it does not provide the same level of insight as a home survey.

“Our recent research shows that this actually creates a level of concern with over two-thirds of homeowners revealing they would not be happy relying on a desk or drive-by survey carried out by mortgage lenders when purchasing a new house – with a further 70% advising they do not feel such valuations would be able to identify any potential issues with the property.”

He argued why buyers should use a home surveyor.

Quinn added:

“When it comes to property inspection, surveyors are highly trusted professionals who play a critical role in providing prospective buyers with important information about the condition of a potential property.

“This includes a thorough assessment of the property’s structural integrity, as well as its electrical and plumbing systems, and overall compliance with safety regulations.

“By highlighting any issues during the inspection, prospective buyers can use this information to negotiate better deals on a potential home that may require repairs or renovation – or even enable them to purchase an alternative property should it be beyond the state of disrepair.

“This statistic clearly outlines the sheer importance of a thorough home survey to identify and address hazardous issues prior to completing any property purchase,

“It’s important, however, for purchasers to remember that a mortgage valuation is part of the purchasing process, but to protect their investment and interest as buyers, they should seek an independent, in-depth inspection from a chartered residential surveyor.”

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Main article photo courtesy of Pixabay