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Surveys save homeowners average of £1,818
Homebuyers in England and Wales are facing bills for thousands of pounds by failing to have a sufficient survey of their property before purchase, according to new research from the the Royal Institution of Chartered Surveyors (RICS).
A quarter of all homebuyers who only had a mortgage valuation report had to make unplanned building works to their property after purchase.
On average, the bill for these works, such as damp proofing or repairing a roof, came to £1,818.
David Dalby, RICS residential director, said:
“In difficult economic times like this it makes sense to ensure homebuyers get the best possible value when purchasing a property. No one wants to find a nasty surprise down the line, or pay over the odds for a property that needs lots of work.”
Around 76% of buyers questioned by RICS said that a survey helped them to better negotiate with the seller.
The results from the RICS come after RightMove reported a 3% increase in property prices this month, despite the housing market slump.