We always advise our clients when purchasing a second hand property to carry out a structural survey. A structural survey is different from the Valuation that the Bank will carry out as the valuation by the bank only relates to how much the property is worth not the condition it is in.
Why is the survey so important?
A survey may cost €300.00 – €400.00 however in the long run it may save you thousands of Euro and lots of stress. The Report will identify individual issues relating to the particular property you are purchasing such as damp, dry rot, wood worm and water ingress as well as issues effecting the Block in which the Apartment is contained such as Pyrite, subsidence, all of which if are discovered after purchase could cost you thousands of Euro to put right. It would also point at minor issues such as the windows, the correct doors are fitted and also check that the utilities such as the electricity and gas are in good working order. You have to bear in mind that the Block Policy over the apartment would cover emergency works, fire, structural issues relating to the block etc not issues relating to each individual unit.
What’s the risk?
As you are buying the property second hand, the Vendor is not obliged to disclose any such structural, minor or cosmetic issues at the property. If it is the case that you do decide to proceed without the survey, we would require signing an indemnity confirming that we advised you to carry out the survey however you declined our advices.