Do You Know How A Property Survey Works?
It is surprising how many of us put our trust completely into property valuations without taking the time to understand exactly what is being done…
I was reading an article the other day about property surveys and according to RICS, more than 58% of property owners were under the impression that property valuations also covered a property’s condition (damp and structural movement). Whilst 31% believed the report included advice on legal issues a solicitor should investigate.
And I was shocked…
I don’t know whether it is because I regularly invest in property, or am a cautious person so always opt to pay for a full survey, but the fact that so many property owners make the mistake of only having a property valuation is disturbing.
These types of valuations are only designed to indicate the houses property price, and are used by lenders to determine how much they will lend you. Never do they go as in-depth as to tell you if you need to do repairs.
It is no surprise then – considering these statistics – that 25% of property owners end up having to pay over £1,818 on unplanned building works – they have not been properly prepared.
Something definitely needs to be done to offer property owners more of an education. Too often am I reading nowadays about property owners who have spent thousands more on a property than they planned because they were not properly informed.
But who will teach them? Now that is the real question…
Wendy xx
