Almost half of buyers who skipped a home survey have faced significant repairs in the first year of property ownership, research suggests.
Repair bills have topped £10,000 in some cases.
A poll of 2,000 recent UK homebuyers, commissioned by property preservation specialists Peter Cox, has revealed a cautionary tale for those looking to reduce costs during the property-buying process.
The findings show that 44% of homeowners who skipped having a professional building survey discovered they needed to carry out costly repairs within the first year of moving in. Worryingly, almost two-thirds (61%) of these repairs were considered “significant.”
Despite the risks, 15% of respondents admitted to not commissioning any form of survey before purchasing their home. An even larger proportion (37%) chose not to commission a more thorough level two survey.
Of the buyers who encountered repair needs in the first year, nearly half (49%) reported spending over £3,000 on remedial work. A further 15% were hit with bills exceeding £10,000, an unwelcome shock for any new homeowner.
The study found that 29% of buyers believed a survey wasn’t necessary, while 23% assumed the home was in good condition based on appearances alone. A further 20% relied solely on their viewing experience to assess the property’s condition, despite often lacking the knowledge to spot hidden or structural issues.
Nicholas Donnithorne, UK technical manager at Peter Cox, said: “While it may seem like a reasonable shortcut in an already costly process, foregoing a professional property survey can carry significant long-term consequences. As these findings suggest, many buyers who bypass a survey are later confronted with substantial, often expensive repair bills. Issues, such as damp ingress, timber decay or underlying structural concerns, may be hard to identify without professional expertise and can easily be missed during a house viewing.
“This is where specialist expertise becomes invaluable. If issues are identified early on, the repair or replacement costs can be researched and considered when negotiating and agreeing on the property purchase price.”
If you are buying a residential property, Boxall Brown & Jones would be delighted to assist you will a valuation and survey. Please call us on 01332 383838
Source: Estate Agent Today