James Brook FRICS, who co-founded Novello Chartered Surveyors, is one of the youngest to receive a RICS Fellowship. At just 29, in 2020, he won the RICS Chartered Surveyor of the Year Award. Since then, Novello has expanded from four to 28 employees in three years. James is known for his excellent advice in the home-buying process and is highly regarded by solicitors, estate agents, and clients for his candid and professional guidance.
Getting a building survey from a chartered surveyor before buying at auction offers numerous advantages. It provides neutral advice on a property’s condition, covering aspects like the roof, walls, and structural soundness. This input is especially crucial for auction purchases, where you need to do your homework because auction bids are final. Auction properties can have unique qualities or hidden problems, making pre-auction surveys all the more critical.
A pre-purchase survey can help you dodge unwelcome surprises and gives you the advantage of expert, unbiased advice. It’s a smart move for a well-informed purchase decision and for sidestepping future troubles.
Advantages of Building Surveys for Auction Properties
When you buy a home, a lender’s valuer usually checks if the price is reasonable. But it’s wise to also arrange a building survey to detect any hidden faults. Discovering such issues allows a buyer to negotiate the price or have the seller fix them before finalizing the sale.
At an auction, since the final price isn’t set until the sale, it’s a good idea to have a building survey for a proper assessment. This can be useful for securing a mortgage in advance of the auction unless you’re purchasing outright with cash.
One of the top benefits of having a survey done for an auction property is to avoid overpaying for a place with concealed problems. Skipping the survey risks buying a property that may not qualify for a mortgage, since auction sales are bound once the gavel strikes. A pre-auction survey helps set your budget and the maximum you’d bid, and it might even enable you to make a pre-auction offer on a property you’re keen on.
Is it Worth the Cost of a Survey?
Though you might spend upwards of £300 on a survey for a property someone else could outbid you for, it’s preferable to buying blindly. Going ahead without a survey could mean costly errors, such as acquiring a problem-ridden property or overpaying. The expense of a survey is a wise investment for making a well-informed decision and preventing long-term issues.
Choosing a Trustworthy Chartered Surveyor
To find a reputable surveyor, look for one accredited by the Royal Institute for Chartered Surveyors (RICS). RICS surveyors are thoroughly trained, so hiring one assures you that you are getting a highly qualified expert to evaluate your potential property.
