3 Apr

House buyers shunning home reports to save money

House buyers shunning home reports to save money

People buying houses through estate agents across the UK are increasingly turning away from home report surveys as they look for any way to save money when it comes to their purchase.

With a large deposit, the actual cost of the mortgage repayments month-to-month and the fact stamp duty needs to be paid, many simply seek a saving wherever they can.

According to the Royal Institute of Chartered Surveyors (Rics), many people now shun a survey, despite believing it is an important undertaking.

Some 94 per cent said they agreed they were vital. A further 89 per cent of people who had not gotten a survey when they purchased said it was a regret, because they were now stuck in a house they could not sell.

"For most of us, buying a home is the biggest purchase we will ever make so it pays to get it right. All too often I hear stories of people who are looking to buy or sell a property and cut corners by not getting an independent professional to carry out a survey into its actual condition," said Peter Bolton-King, Rics global residential director.ADNFCR-1222-ID-801565864-ADNFCR

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