Why Property Buying Mistakes Matter More Than Ever
In today's competitive property market across Devon and Cornwall, a single mistake can cost thousands of pounds or even jeopardize your entire purchase. With house prices continuing to rise and properties moving quickly, buyers are under pressure to make swift decisions - often without proper due diligence.
Expert Insight from 30+ Years Experience
Sarah Fletcher MRICS: "In my three decades as a chartered surveyor across Plymouth, South Devon, and East Cornwall, I've seen the same preventable mistakes cost homebuyers millions collectively. The irony is that most of these mistakes are easily avoided with proper professional advice and planning."
Our comprehensive analysis of over 2,000 property transactions in Devon and Cornwall reveals that 78% of buyers make at least one significant mistake during their purchase process. The average cost of these mistakes? £8,400 per property - money that could have been saved with proper guidance.
This guide draws on real case studies from our surveying practice, revealing not just what can go wrong, but exactly how to avoid these pitfalls. Every mistake discussed here has been witnessed firsthand in our work across the South West.
The 10 Most Costly Property Buying Mistakes: Quick Overview
Mistake #1: Skipping the Property Survey - The £15,000 Gamble
Real Case Study: The £280,000 Plymouth Cottage
The Situation: First-time buyers purchased a "charming" 1930s cottage in Plympton for £280,000. To save £800 on the survey, they relied only on the mortgage valuation.
The Reality: Within 6 months, they discovered extensive damp damage, structural movement, and a failing electrical system requiring £18,500 in emergency repairs.
The Lesson: An £800 building survey would have identified all these issues, giving them negotiating power to reduce the price by £15,000 or walk away entirely.
Cost Breakdown:
- Damp treatment and replastering: £8,200
- Structural underpinning: £6,800
- Complete electrical rewire: £3,500
- Total unexpected costs: £18,500
- Survey cost they avoided: £800
- Net loss: £17,700
Why Buyers Skip Surveys
Myth: "The mortgage valuation is enough"
Reality: Mortgage valuations are for the lender's benefit, not yours. They're basic assessments that miss 90% of defects a proper survey would find.
Myth: "New builds don't need surveys"
Reality: Our data shows 67% of new builds have snagging issues. Average cost to fix: £3,200. A snagging survey costs £400.
Myth: "Surveys are too expensive"
Reality: At 0.15-0.3% of purchase price, surveys are the cheapest insurance policy you'll ever buy. The average survey saves buyers £8,400.
Myth: "The property looks fine"
Reality: 80% of serious defects are hidden from view. Structural issues, damp problems, and electrical hazards often have no visible signs.
Prevention Strategy: Never Skip the Survey
Choose the Right Survey Level
- New builds: Snagging survey (£300-500)
- Modern properties: HomeBuyer Report (£400-750)
- Older properties: Building Survey (£650-1,200)
Choose RICS Qualified Surveyor
- Verify RICS membership and local experience
- Check professional indemnity insurance
- Read reviews and case studies
Book Early in Process
- Arrange survey immediately after offer acceptance
- Ensure report delivery before exchange
- Allow time for negotiations or withdrawal
Mistake #2: Choosing the Wrong Survey Type - The £8,500 Oversight
Real Case Study: The Georgian Terrace Mistake
The Situation: Buyers chose a basic HomeBuyer Report (Level 2) for a 1840s Georgian terrace in Plymouth's historic area, thinking it would be sufficient.
The Discovery: The HomeBuyer Report missed structural movement, rising damp, and lead pipes - issues requiring a building survey's detailed analysis.
The Cost: £8,500 in repairs that could have been negotiated off the purchase price with proper survey evidence.
What Each Survey Would Have Found:
HomeBuyer Report (What They Got)
- ✗ Missed structural movement signs
- ✗ Noted "some dampness" without investigation
- ✗ Didn't check pipe materials
- ✗ Limited roof space access
Building Survey (What They Needed)
- ✓ Would have identified movement patterns
- ✓ Comprehensive damp investigation
- ✓ Full pipe material assessment
- ✓ Detailed roof structure examination
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Mistake #3: Inadequate Area Research - The £12,000 Location Error
Poor location research can devastate property values and quality of life. Our case studies reveal buyers losing thousands by overlooking crucial local factors.
Devon & Cornwall Area Research Checklist
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Your Property Buying Mistake Prevention Plan
Essential Prevention Checklist
Before You Start House Hunting
After Offer Acceptance
Before Exchange of Contracts
Your Potential Savings Calculator
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Potential Savings
Based on our analysis of 2,000+ Devon & Cornwall property transactions