As many as four out of five home buyers in the UK don’t bother with a property survey before they sign on the dotted line. Property surveys might seem like an unwelcome additional expense at an already expensive time, but they can also reveal problems that could cost you even more dearly further down the line.
A survey in time saves…lots of money
You can expect to pay between £500 and £1,500 for a property survey in the UK, with most coming in at £700 or so. This might sting a bit at the time, but if it shows up any of the following issues in the property you’re planning to buy, then you could negotiate a price reduction or ask the vendors to carry out the necessary repairs.
Asbestos, which costs an average of £2,500 to deal with
Asbestos is the most common problem found in surveys, especially in properties built between the 1930s and the mid-1980s, often in piping and flooring. Banned from use in construction in 1999, asbestos is carcinogenic and needs specialist handling and removal.
Structural movement or subsidence, which costs an average of £13,500
Structural movement often presents as cracks in ceilings and walls. Lots of homes have harmlessly cracked plaster, but it’s well worth having the place surveyed in case it’s much more serious. Severe subsidence can lead to collapsing roofs, walls and floors and needs urgent underpinning or even rebuilding to remedy it.
Damp, with an average cost of £2,750
Damp is another common problem and it can cost between £300 and £2,000 for a damp-proofing course, as well as extra costs such as redecorating and replacing any damaged items or structures.
Japanese knotweed, which costs and average of £3,000 to remove
An aggressive invasive plant, Japanese knotweed can grow to over 7” in height if left and its roots can damage drains, foundations, driveways and walls. Your mortgage provider may not issue your loan if the property is found to have knotweed, so it’s important that it’s removed by a specialist.
Electrical and wiring issues, which can cost £4,000
If the electrics in the property are old, or haven’t been checked over for more than 10 years, your survey will reveal this and you should have an Electrical Installation Condition Report (EICR) carried out. A full rewiring of a property can cost upwards of £2,000, with an average of £4,000.
Faulty drain pipes, which will cost an average of £650
Neglecting drainpipes can prove to be very expensive in the long run, so if your survey shows potential or existing problems with drainpipes and guttering, then it’s important to remedy the situation before you move in.
Pitched and flat roof issues
A roof inspection costs around £250 in the UK and, depending in the scale of the issues, you can expect to pay anything from £200 to replace a few missing or damaged tiles to several thousand for more serious works. As with most structural issues, the longer you ignore the problem, the costlier it gets.
