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Insurance or surveys available to protect when buying a house?

by whitelightning 28 October 2012 |

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I'm looking to buy a house which will leave me with little spare cash available if any repair work is required. Are there any types of surveys that will thoroughly check various aspects of a house so that I am protected from nasty surprises such as electrical re-wiring, water pipe work, broken boilers, leaking roof, dodgy conservatories etc? Or even better, are kind of insurance that I can take which offers protection after the purchase, say for a period of 12 months?

I've spoken to a couple of friends and they recommend putting aside £20-30k in case anything major needs doing after moving in. This got me quite worried and swaying me to look for new builds, which are quite limiting at the moment.

Thanks.

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MikeGG1 posted
You could get a full structural survey, which would protect you from major items. Smaller items could be protected by a homecare insurance.

Mike
Posted on 29 October 2012 | Love 0 loves Report
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JoeEasedale posted
I would in the past have always reccomended a full structural survey, however experience over son getting one on a property where internal tie bars had not been done properly which was not picked up on the survey and resulted in years of fruitless trying to get redress leads me now not to waste my money.
I also stay away from any type of homecare insurance. They let you down when you need them most.
If the risk is too great for you, then rent.
Otherwise you need to put a decent amount away each year to cover repairs, roof, boiler windows etc.
Many problems are clear to see anyway. A good electritian can test the wiring, but in brief, if sockets are down on the skirting - then it needs rewiring. If you can see daylight from the roofspace the roof is on the way out. If it is wet below the floor, then there is a water/air issue. Etc.
Use good local builders/plumbers/electricians and get them to take up some floor, poke about in corners etc.
You are not in any way protected and houses do deteriorate and need repairs as sure as the sun shines. If you cant afford £20-£30k as a start to the repair fund and in addition put away £2-£4k a year, then don't buy, but dont think that you can insure your way out of the problem, these companies dont pay out when you need them the most., a group of local tradesmen is your best bet imho.
I used to insure my boiler until recently when there was a leak on a Sunday and the company would not turn out and wasted hours of trying. A local plumber who is also gas safe registered did turn out asap, sorted the problem and now gives the gas a yearly service for a few quid and comes out when I want him.
The insurance industry has lost the ethical plot and full structurals deny responsibility - you will be strictly on your own, but a new roof only costs around £4000 on a 3 bed semi. A boiler around £1000. Rewire for £4000 - have a good fund.
Posted on 29 October 2012 | Love 0 loves Report

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