When a Home Survey Changes Your Mind About Buying a Property
You’ve found the house. The location feels right. Your offer has been accepted and you’re already imagining yourself living there.
Then the survey arrives.
It highlights defects you hadn’t noticed during the viewing. Perhaps there are signs of damp, problems with the roof, movement, deterioration to external elements or an issue that requires further investigation.
Suddenly, the property you were excited about looks rather different.
But that doesn’t necessarily mean the survey has given you bad news. It means you now have more information on which to base one of the biggest financial decisions you’re likely to make.
A survey isn’t there to tell you whether to buy
An RICS Home Survey provides an expert assessment of a property's condition following an inspection.
Its purpose isn't to make the purchasing decision for you. It is to help you understand the property, identify significant defects and risks within the scope of the survey, and make a more informed decision about what you are buying.
RICS itself describes a survey as a form of “health check” for a building and recommends having one before entering into a contract to purchase.
Sometimes that provides reassurance.
Sometimes it raises questions.
And occasionally, what is uncovered may change how a buyer feels about proceeding.
What happens if your survey identifies problems?
The next step depends entirely on what has been found.
Some defects may simply be normal maintenance that you need to budget for. Others may warrant obtaining quotations from appropriate contractors or further investigation by a relevant specialist before you make a legal commitment to purchase.
RICS advises buyers to obtain reports and quotations for repairs and further investigations identified by the surveyor before making that commitment.
With that information, you might decide to:
Continue with the purchase as originally planned.
Budget for repairs or maintenance after moving in.
Obtain further specialist advice or investigation.
Discuss the findings with your legal adviser where appropriate.
Renegotiate the purchase price in light of necessary repairs.
Decide that the property is no longer right for you.
There isn't one correct outcome. The value is having better information before you commit.
Can a survey help you renegotiate?
Potentially, yes.
A survey isn't a negotiating tool designed simply to reduce the purchase price. However, where genuine defects and necessary repairs are identified, the findings may give you information to discuss with the seller.
RICS advises that buyers can obtain quotations for necessary repairs and then approach the seller to negotiate the purchase price.
That is very different from simply asking for money off because a survey has mentioned routine maintenance.
The seriousness of the issue, likely remedial work, specialist advice and the circumstances of the transaction all matter.
Interestingly, RICS consumer research found that 23% of respondents who had commissioned a survey negotiated the property price based on the report, while 21% sought further investigation from another professional.
Not every defect is a reason to walk away
This is important.
Buildings require maintenance. Older properties in particular can have characteristics and defects that need to be understood in the context of their age, construction and materials.
A long survey report does not necessarily mean you've found a bad house.
What matters is understanding what has been identified, how significant it is and what you may need to do next.
That is also why choosing the appropriate level of survey for the property matters. RICS currently provides three levels of Home Survey, offering different levels of inspection and reporting.
Sometimes the most valuable survey changes your mind
Nobody commissions a survey hoping that it will uncover a serious problem.
But discovering an issue before you make a legal commitment is very different from discovering it after you've bought the property.
A good survey should leave you better informed about what you're buying.
Sometimes that means proceeding with greater confidence. Sometimes it means budgeting for future work. Sometimes it leads to further investigation or a conversation about the agreed price.
And sometimes it means deciding that this particular property isn't for you.
That's not necessarily a survey that's stopped a purchase.
It's a survey that's helped a buyer make an informed one.
Buying a property?
Carpenter Surveyors provides independent RICS Home Surveys, helping buyers better understand the condition of the property they're considering purchasing.
Established in 1988, our experienced surveying team provides clear, professional advice to help you make an informed decision about your next home.