A third of house buyers in the UK are ignoring structural issues during the buying process according to new research published by app-based Atom Bank.
In a survey carried out by the bank, 54% admitted to not investigating common issues such as damp, with the same number not looking at potential central heating issues. 58% ignored electrical issues, 59% roof problems, 67% overlooked asbestos concerns and 61% structural concerns.
The app points out that common issues like these can often clock up major bills if not flagged during the buying process. The cost of damp proofing a single wall costs around £500, a new boiler is on average £1,995, a house requiring a rewire would be around £3,000, while the cost of a new roof can be in excess of £8,250.
Mark Davies, Director of Building Surveying Services at GJS Dillon says:
‘These statistics are alarming. It’s quite common for us to come across problems such as damp, asbestos, structural issues and infestations when we carry out surveys. So quite apart from the health and safety issues, there are serious financial implications for buyers who forego the survey and purchase the property anyway’
Jonathan Mountford, Director of Valuation and Professional Services at GJS Dillon added:
‘We regularly provide RICS Red Book Valuations and homebuyers reports for commercial and residential clients. If there are issues with the property then this gives the buyer the opportunity to negotiate on the price. As these survey results reveal, many residential buyers are ignoring the valuation process which is why we will be concentrating more on this market in the future’
Mr Mountford is one of three RICS Registered Valuers at GJS Dillon which has dedicated teams for valuations and building surveys. All registered RICS members must adhere to professional standards and have the expertise to produce high quality accurate reports. Further details about RICS professional standards can be found here http://bit.ly/2IngOyh
Further information is available from Jonathan Mountford or Mark Davies at GJS Dillon on tel. 01905 676169 email email@example.com or firstname.lastname@example.org With offices in Bromsgrove, Droitwich and Worcester, GJS Dillon is the largest firm of Chartered Surveyors headquartered in Worcestershire. It offers a comprehensive commercial property service, including commercial agency, acquisition and business relocation, commercial property management, valuations, building consultancy and landlord and tenant rent reviews, and unrivalled geographical coverage, throughout Worcestershire and along the M5 and A38 corridors.