Cash Buyer - Survey or No Survey?

ck_uk

We've seen a 1930's house which seems solid and no signs of damp or cracks etc, and are in the fortunate position to proceed without a mortgage. Obviously a survey is mandatory when a mortgage is involved, but what would be the general advice regarding surveys when it's a cash purchase?

booksurr

when you buy a car do you get it inspected by a mechanic/RAC/AA or do you trust your own mechanical knowledge or do you go by gut feeling

same principle when buying a house for cash, just a whole lot more of your money on the line

oli_ro

If I was you, definitely survey and look to other places to save £600.

G_M

A survey is NOT mandatory with a mortgage. Only a Valuation is.

A survey is optional with/without a mortgage and depends on

* your attitude to risk
* your ability and self-confidence in assessing property condition yourself
* whether you have family/friend in the trade to advise you
* age/apparant condition of property

Annie1960

I bought cash, and had a full building survey. I was not sharing the risk with anyone such as a mortgage company, and wanted to be clear what I was buying. It was money well spent.

Bossypants

I'm buying in cash and had a survey done. It turned up a serious damp problem in the kitchen which was not at all visible to the naked eye, due to recent redecorating. I got some quotes and decided to proceed with the purchase anyway, but I'm still really glad I had it done, so that I won't be blindsided later on and wonder what else the surveyor might have turned up.

dragonsoup

I'm completing on a cash purchase tomorrow. It's a Victorian property which looks perfect, no sign of any cracks damp or anything else.

I wouldn't have thought of proceeding without a full structural survey though - it turned up a few small issues that we need to keep an eye on but as expected nothing major. I don't regret the cost though - more than worth it for the peace of mind.

Our previous purchase was also cash - again we had a full survey done.

They can be arranged very quickly and won't hold up the process. Ours was done and reported to us within 7 days of us having our offer accepted.

p00hsticks

We recently bought for cash and had a full structural survey done. The cost was a tiny fraction of what we were paying and we got the money back tenfold because it provided us with information that meant we lowered our offer by several thousand pounds. It's also given us a good list of smaller miantenance items that we are gradually addressing

missbiggles1

The vast majority of buyers don't have a survey - if you're planning any work, why not go round the property with the builder you plan to use.

Bart1

I'm buying cash and probably won't have a survey but then I have always been a risk taker..... For example I have never in my life purchased any form of insurance other than that required by law or mortgage

Hoploz

I believe a survey is for your own information only. There will always be things identified. Big things or small things. Particularly related to age.
It can be useful to know what's what, but I am not big on having them done myself as I feel I can make my own assessment and avoid the pointless bum-covering paragraphs you have to wade through.
I would say I would never renegotiate price due to survey, unless something was discovered which the seller had made a clear effort to hide. The vast majority of issues a survey finds don't affect day to day living. Odd leaks from the roof or chimney will show themselves soon enough, and I would have the work done when necessary. I think a lot of people use it to try and get a discount but I get so mad when I read this all the time. It really is not fair, when a valuation comes out ok and people wrangle and argue over some stupid job that doesn't really need doing.

The house I just bought is a huge investment. We didn't have a survey. No point. Nothing was going to stop us buying it as long as the lender was happy. A few things came to light after we moved in that it would have been useful to know in advance, such as the drains being blocked, but £20 worth of rods and an hour's adventure cured it. Someone might have paid out on some special company with a drain camera and charged it to the seller but all it does is annoy people.

So you must take a view and make your decision based on age of the property, things that are likely to need maintenance, and how capable you are of identifying tell tale signs like smells and visual clues. And accept that every home needs maintenance, as I'm sure you already know.