When purchasing a home, buyers will typically get surveys done to reveal any flaws that a property has. If severe problems are discovered, it can lead to sales falling through.
Yet, if the buyer feels as though these concerns can be resolved, they might put in a lower offer. A thorough understanding of the condition of a property before fully committing to it can help make buyers feel confident.
House surveys are necessary during the house buying process as they show issues that were not noticeable straightaway when the property was viewed. Knowledge and awareness of these surveyor snags help to avoid unwanted complications in the long-term.
Below, we take a closer look at the most common problems that affect sales and reduce offers. We also reveal how sellers can prevent them.
Common problems with properties and the cost
Property surveys categorise and identify problems within the home by different colours and levels. Level 1 is referred to as green and it means that no action is required therefore no extra cost is needed.
Level 2, also known as amber, means that the defects need to be repaired but this is not urgent, and the cost is likely to be moderate.
Level 3, identified as red, reflects serious defects that demand urgent attention, and these cost the most to fix.
An additional 14% shared that they had difficulty heating an area of the home, while 8% referred to problems with heating water.
Difficulty heating could indicate expensive level 3 issues such as leaking pipes, unlagged cylinders, the risk of asbestos, or possible damage to the boiler. Sellers can expect to pay a hefty fee of around £2,500 for safe asbestos removal.
Level 2 outside property problems were mentioned in 12% of reports, roof concerns were raised in 8% and external wall snags were raised in 9% of surveys.
Ensure that the property is compliant and seek guidance from agents
Overall, sellers will want to put themselves in a strong position before the house survey is conducted to prevent them from receiving low-value offers and sales from falling through.
Quick Move claimsthat 27% of house sales fell through last year as buyers received negative home survey results that led them to pull out of the sale.
Additional pieces of legislation have helped towards increasing property standards. However, Legal & General Surveying Services’ findings prove that sellers still need to put more attention into improving their homes.
We recommend that sellers put in the right steps that ensure their home has, to the best of their knowledge, no major flaws. Throughout your sales journey, speak with your estate agent for guidance to guarantee your home is fit for habitation and sells for a great price.
A reputable estate agent will provide their expertise as they are more likely to be familiar with the market and similar properties in your area.
Here at Expose Property, we can help you to sell your property, using our experience of selling homes in Beckenham, Penge, Crystal Palace, and other places in South East London.