Anyone can become an expert in the information age
We live in the information age. The scope of data available in the public domain is now immense and much of this is free to access. Social media and the internet as a whole, is packed with apparently knowledgeable people offering advice and opinions.
Buying, selling, and investing in property is an area which does not escape this and whilst Facebook is falling out of fashion, you will have perhaps seen various content creators offering advice and tips on other platforms such as Instagram or perhaps more commonly now, TikTok.
Re-roofing your house or fixing that rising damp yourself? Easy according to the 30 second video. Refinancing to turn your one bed flat into a portfolio of Buy-to-Let’s generating a huge profit or “passive” income? Easy according to the self-professed mortgage broker turned vlogger.
Free advice isn’t always good advice
The temptation when so much seemingly good information is available free, is to forgo the expensive professional advice you would normally be expected to pay for and save yourself some money.
However, consumers should do so with caution. Whilst there is some very good and reputable information out there, equally there are plenty of people who superficially seem to know what they are talking about, only to provide some very questionable and sometimes dangerously wrong information.
As a recent example, I saw a video from one vlogger who provides advice around mortgages and lending, suggesting that if a homeowner wants to start renting out their home, it would probably be easier to just not tell their current lender.
Whilst it is true; it would probably be easier to try and deceive your lender, it is in no way good advice! If (or more likely when) the bank/building society finds out, something the abundance of data on things such as personal credit could alert them to, there is a real risk that the lender may no longer wish to do business with you and foreclose on the mortgage. There may even be scope for further repercussions depending on how the matter is approached in your lending agreement.
When it comes to the property itself, many buyers are fairly alert to defects and what repairs and improvements may be needed. Often repairs and improvements can be, subject to a reasonable level of skill and determination, within the ability of many competent DIY enthusiasts. Equally though, it is all to easy to misjudge the extent of a problem and, therefore, the level of repair and skill needed to rectify the issue. How confident can you really be when at best you have only had one or two 15 to 30 minute guided viewings? For most people, buying a property is the most expensive purchase they ever make. A report from a qualified Chartered Surveyor could help you avoid it being your most costly mistake.
The energy performance of a home is becoming an ever more important consideration now, both with impending further requirements for rental property and the wider squeeze on the cost of living from high energy bills. Basic information is readily available for free via the governments EPC portal and will offer an EPC rating and advice on potential improvements. However, how accurate is the information? How relevant are the recommendations? These are questions that a survey from an RICS surveyor would help answer.
Consulting the professionals pays off
At SDL, all of our surveyors have a combination of experience, professional qualifications from the RICS and our own in-house training. The RICS introduced the Home Survey Standard last year and we complemented this with several additional processes to ensure that our customers get the right level of support and advice.
A common critique of home survey reports is reliance on caveats and exclusions. This is perhaps an unfair and ill-informed viewpoint as whilst yes, most survey reports will highlight exclusions, these will always be justified – either because the visibility of an element is limited or there is a genuine requirement for more specialist advice. Such caveats are equally aimed at protecting our customers by ensuring that there can be no doubt about what has and has not been inspected. This enables you to make an informed decision as to whether you wish to seek that further advice, proceed and take a risk on those specific unknown issues or to perhaps conclude the property isn’t right for you after all.
Advice can be free but when making probably the most expensive purchase of your life, do not underestimate the medium- and long-term value of investing in good advice. Whether that be a survey from SDL or another Chartered Surveyor firm, mortgage advice from a reputable broker such as our sister firm Stonebridge or a reputable, knowledgeable, and experienced conveyancer.
Adam Santos, Regional Chartered Surveyor at SDL Surveying