FREQUENTLY ASKED QUESTIONS
Is a survey necessary when it’s a cash purchase?
I’m buying a house as a cash buyer and I’ve researched local house prices in the area so I know I’m getting it at a pretty good price. So what benefit would there be in having a survey as it’s a cash purchase?
Asked by: Andy
ANSWER
ANSWERHello Andy,
Thank you for your question. Estate agents love (genuine) cash buyers because they know not having to get a mortgage cuts out a lot of the risk and delay. A lot can go go pear-shaped during the time-consuming process of arranging a mortgage (not least when valuers ‘downvalue’ properties).
The downside of being a cash buyer is that you’re on your own, without even a mortgage valuer visiting the property. And if you’re getting it at a bargain price, there may be a good reason for it; the vendor may be aware of hidden defects or a dodgy roof, with big bills awaiting you later.
So it obviously makes sense to buy with your eyes open, so you know it’s not a ‘money pit’.
It helps to be aware in advance of any expensive repairs or replacements the property is going to need. So before committing to purchase the property a surveyor can put you straight.
Save money by cutting out the banks
By arranging your home survey directly online - rather than via a mortgage lender - you can save the large chunk of the survey fee that the banks normally keep. They may still want to instruct a valuer to carry out their mortgage valuation, but don’t let them try to sell you an expensive Homebuyer or Building Survey from one of the large, target-driven, corporate firms on their 'panel'.
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