Warning: Your Mortgage Valuation does not protect you and is not a structural survey.
Most buyers do not realise that mortgage valuations are for the lender’s benefit, not yours. Without a thorough pre-purchase property survey, conducted by a trained, experienced Chartered Building Surveyor, you are purchasing blind – risking thousands or euros in hidden defects and missed negotiation opportunities. As part of a recent pre-purchase survey, we were forwarded a valuation report that did not recommend a building (pre-purchase) survey for the almost 100-year-old property, despite it being heavily altered and extended, including the conversion of the roof space. Our survey identified substantial issues with the roof space conversion works and an unusual boundary arrangement.
The cost of not using a Chartered Building Surveyor to inspect your property
The figures below were compiled by the RICS (Royal Institute of Chartered Surveyors)
- According to the Royal Institution of Chartered Surveyors (RICS) buyers who do not have a pre-purchase building survey carried out as part of the home-buying process face an average of €6,600 worth of repairs after moving in, and 17% end up paying over €14,000 to make their homes liveable.
- A professional pre-purchase survey is a highly effective negotiation tool, frequently enabling buyers to reduce property prices by €5,700 to €57,000+ by uncovering hidden structural defects, repairs, and legal issues associated with boundaries or planning issues. Pre-purchase surveys provide an unbiased evaluation of a property’s true condition, with approximately 30% of buyers using survey findings to negotiate a lower price to address structural, electrical, or energy efficiency issues.
- Missing structural issues during a property survey can lead to significant value reductions, often averaging 10-20%, with severe cases resulting in up to 50% devaluation if safety is compromised. These reductions occur because buyers often deduct the high cost of repairs – such as foundation work, roof replacement, or damp remediation – from their offers, or because such defects limit the ability to secure a mortgage.
Contact Us to book your Pre-Purchase Survey.