Property survey:  things to remember when reading a survey report

Consider the findings of the survey against your expectations, taking into account your budget and how much work you are prepared to carry out. 

Property survey

Some people read their property survey report and think they should look for another property instead.  It may sound as though an endless list of repairs are needed and that the property is far worse than anything else they could have chosen. While this is possible, in many cases the property may not be significantly worse than others in the area. It is a case of putting things into perspective.

If a property survey was commissioned on every similar property in the area the chances are that many would have issues to some degree.  It is even possible that a survey on your present house may reveal some issues, even though you may not have been aware of them and these have not stopped you making the house your home.

It is important to remember that you have employed a surveyor to report on any items which may affect your decision to purchase the property or renegotiate the purchase price so that you can make an informed decision.

Highlight any major issues

A property survey report will always report some issues (I have never known one which hasn’t).  Some may be major issues which require urgent or costly repairs, whereas others may be matters which can be dealt with over time and/or with insignificant cost.  Read the report carefully and highlight  any major issues.

If the report identifies any major repairs are needed (or may be needed depending on the results of further investigation or enquires) you should obtain cost estimates before you commit to purchase (usually exchange of contracts).

Most issues will fall into one of the following categories :

  1. Further investigations/enquires which should be carried out/made prior to commitment to purchase/exchange of contracts.
  2. Costly repairs which are urgent (these may or my not affect your decision to purchase, depending on your expectations and budget).
  3. Costly repairs which can be spread over time  (again, these may or may not affect your decision to purchase depending on your budget and how much work you are prepared to carry out).
  4. Minor repairs/maintenance which can be dealt with after moving in (and should be anticipated for most properties).

The important thing is to consider the findings of the survey against your expectations, taking into account your budget and how much work you are prepared to carry out.  The final decision can only be yours.

buying and selling a house

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