A building survey is essential in the home-buying process, revealing issues that could impact the property's value and necessary repairs. After an offer is accepted, a survey may uncover previously unknown problems, allowing for possible negotiation on the price. Buyers should carefully evaluate the survey to distinguish between minor wear and tear and major defects like subsidence or damp issues, which may justify a lower offer. This informed approach can help prevent overpaying for a property in need of costly repairs.
"When you receive your house survey, you'll likely see a mix of minor and more significant issues, and it's important to distinguish between expected wear and tear - things like ageing boilers or tired décor - and defects that could have a serious financial or structural impact."
"Common issues surveys flag include damp, outdated electrics, roof wear and tear, or minor cracks in walls. However, more significant defects, like subsidence, major damp penetration, structural movement, or asbestos, can be extremely costly to resolve and are a valid reason to reassess your offer."
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