Yahoo Finance One homebuyer in three could end up with nothing but rubble
Buyers who don’t have through surveys carried out are buying blind, it has been warned
More homebuyers could end up in the same situation as the owner of a ruined Devon property, as an astonishing third of home buyers make sales ‘blind’ – failing to carry out a survey of the property.
Structural defects, rot and subsidence are among the serious and expensive home problems that are not always apparent to the untrained eye, but come to light in a survey.
And even if the ground doesn’t collapse beneath the foundations of your home, there are plenty of expensive repairs that could be needed. One in five of those who buy without a survey end up regretting their purchase, according to research by the Royal Institution of Chartered Surveyors (RICS).
The problem is highlighted by the extreme case of Sue Diamond. The retired police officer bought a home on the cliffs of Devon without seeing the home or getting a survey carried out.
Just eight days later it started to crumble, as the cliff started to slide into the sea. Despite agreeing the sale price of £154,500, Ms Diamond later said the home was only worth £3,500, and has since been embroiled in a legal war with the seller.
The average repair bill for buyers who don’t get a survey is £5,750, according to RICS.
Young and first-time buyers who don’t properly understand the home buying process are among the most likely to buy without a crucial survey.
“Buying a home is one of the biggest decisions most people will ever make and yet many are doing so blind to the facts,” said Peter Bolton King, global residential director at RICS.
“Serious faults are difficult to identify and costly to repair. By not being aware of them consumers are risking a potential home buying time bomb.
“This can cause extreme stress and financial strain on homeowners who are often stuck with a property they no longer want but cannot sell. A home survey is a small price to pay to avoid this time bomb,” he added.
