Buying a house is one of the biggest investments you’ll ever make; you want to be certain that it is a good investment. It is wise to do a pre-purchase survey to check for any defects or problems before you put pen to paper.
Here’s why you need a pre-purchase survey:
1. Caveat Emptor – Buyers Beware
Buyer beware is a legal principle that applies when purchasing a property. After the date of closing, the buyer cannot recover damages from the seller for defects or problems that have left the property unfit for ordinary purposes. There is only one exception to this if the seller actively concealed the defects or made material misrepresentations amounting to fraud.
2. Identify Key Issues
A pre-purchase survey can identify key issues such as:
a. Subsidence – sudden sinking or gradual downward settling of the ground.
b. Whether defective concrete blocks were used in the construction of the building.
c. Pyrite issues in the floors or blockwork structure – you’ll notice cracks in internal and external walls or lifting of the concrete floors.
d. Rising damp
e. And suitability of existing sewerage treatment systems.
3. Help you make decisions
Knowing your key issues will help you make decisions on whether or not to buy the property. If there are issues, you will be able to price the cost of carrying out any necessary repairs and renegotiate the purchase price. You can also ask the Property Developer to carry out the necessary work to make the property liveable.
Buying a house is a huge decision regardless of whether it is your first house or tenth house, a pre-purchase survey will ensure you are making a good investment.
At Chancery Group, we believe in working hard to make progress in the most cost-effective manner rather than working hard to fix expensive, preventable mistakes. Our team specialises in Chartered Quantity Surveying, Cost Consulting Services, Construction Project Management Services, Project Management Surveying and Chartered Engineering Services.
We provide these services across the Republic of Ireland to a wide variety of clients in the private and public sectors, including developers, main contractors, specialist subcontractors, government agencies, religious orders, court services and commercial enterprises. To find out more about our services, contact us via email info@chancerygroup.ie or call us on 057 935230. Or see what’s new with us on LinkedIn and Facebook.
