Damp and asbestos are the most common property issues missed by homebuyers opting to not have home surveys.
Data from Legal & General Surveying Services, which interviewed 36 surveyors, shows that the most common issues that get missed by buyers forgoing a home survey are damp at 22%, asbestos at 18% and lack of building regulation approval for alterations and extensions at 12%.
These can not only cost homeowners thousands of pounds in unforeseen repairs, but also risk their health.
Around 14% of those surveyed said homebuyers skipped a home survey due to the perceived cost.
A Level Two survey costs around £400, but the cost of fixing rising damp and applying dampness treatment can be an average of £2,750 depending on severity.
The average asbestos treatment can be around £1,750 per square metre.
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Over a quarter said they believe homebuyers skip home surveys as they do not fully understand their value, and 14% are not aware that they need one or believe a lender valuation is sufficient.
However, more than two-thirds said they were confident that homebuyers would act upon recommendations in a home survey.
Malcolm Webb, risk director at Legal & General Surveying Services, said: “Buying a home is typically the largest purchase a person will make in their lifetime, so it’s essential to ensure that the property is in good condition.
“It’s only natural that a homebuyer will look to reduce costs whenever possible, but skipping a home survey is often a false economy. Issues like damp and asbestos not only bite into your wallet, but they can also have a significant impact on your health.”
He continued: “We found that those who do commission a home survey overwhelmingly value the insights and peace of mind provided. Any issues identified through a survey can also be reflected in the final purchase price if both parties agree to negotiate on the basis of expected repair costs.
“The issue isn’t with having a survey – it’s that many customers aren’t aware of the difference between a home survey and a lender valuation. Many lender valuations are now completed remotely, facilitated by sophisticated technologies like automated valuation models or desktop valuations, allowing surveyors to conduct their assessments without stepping foot inside a property.
“More needs to be done to clarify the importance of surveys and how they can safeguard buyers; we all have a role to play in improving consumer education, and brokers can play their part by highlighting the importance of home surveys when advising buyers.”
