Benefits of Homebuyers' Survey over Basic Survey?

Grovis

Hi all. What's the major benefits of taking the Homebuyer's report over the Basic survey? I have received a basic survey back and it is incredibly limited as you would imagine (obviously just there to satisfy the lender and 2 pages long).

However I have heard that the Homebuyers' is a bit more comprehensive but not much more detailed?

Just to paint the picture, the house I'm buying was constructed in 1970, 3 beds, dining room, lounge, no gas and garage.

The house itself is very well presented.

The comment on the Basic Survey about the condition was:

"This is a well presented property which appears to be in a condition consistent with its age and type of construction"

thanks for your help.

ciano125

It depends on how much you're spending on the house I think. Would you be happy spending £100k or more on a second hand car without having a mechanic look it over?

I appreciate they can be expensive, but if it turns something up that saves you spending thousands, isnt it money well spent?

Grovis

I'm not against it at all. Only going to cost £300 - £500. I'm wondering if I should go to the next level (Buildings/structural survey) if there isnt much difference between the basic / homebuyers'. cheers

Ulfar

If you have any doubts about the fabric you will need a structural survey as a homebuyers report isn't that much use.

ciano125

If there's not much in it, I'd say its worth it for the piece of mind. It might also turn something up that you can use to chip the price with.

brixham

Having paid for a Homebuyers report when I was a FTB I was really disappointed as it was full of comments like " roof MAY need some attention, please get it checked out..........MAY have some areas of damp, please get that checked" etc.
When I moved, on my second home I had the most basic valuation done needed for the mortgage. Then got a local roofer to cast his eye over the place also had a free damp report done and a local builder to come with me on a viewing. Roofer and builder gave me verbal opinions at no charge.
OK there is no come back on these people if anything were to be wrong but I did think that the wording on the Homebuyers report was just about wooly enough that I can imagine that there would be much comeback on that either !

Grovis

Brixham - thanks very helpful. This is what I suspected: the Homebuyers report isnt going to be particularly helpful either. Taking into account the house's age and my viewings of the property, I have no major concerns whatsoever but I'm no expert.

I'm stressed at the moment as we were told verbally by Mortgage advisor that lender had agreed to fund a Hombuyer's survey but they didnt and just did the basic survey. MA isnt being very helpful about it and just said it was error. I'm working to a tight schedule with moving dates and now thinking about paying for an independent to do the House Buyers report. My other half is absolutely livid and not happy with the limited feedback from the Basic. Understandbly angry that the MA told us one thing, we've been let down and now has a flippant attitude to it all. It was verbal so we dont really have much comeback. My completion date is last Friday in June - everything is on track but I know we cannot sign a contract until we are happy with survey results.......

brixham

Ahhhhhhhh your posts remind me why I will NEVER move again.
Good Luck to you !

cattie

What you've had carried out on your house for the lender is a valuation & is not a basic survey, though often mistakenly gets referred to as such. The main purpose of the valuation is for the lender to be assured that the property is worth the amount they are willing to lend on it. It won't give any information on the structure of the property. Indeed, some valuations are carried out by the surveyor driving by the property & not even entering inside it.

Personally I always have a full buildings survey carried out on older properties & a homebuyers survey for any property built from say 40's onwards.

Although Homebuyers surveys can be full of generalisations, they do give you the means of having a bargaining tool should any work need doing to the house & you wish to try to renegotiate price.

vrslife

Hi There

We recently purchased a house an when looking into survays there wasnt much price differance between home buyers and full structual survay. Plus with the full structual it can be customised for you. My reasoning behind it was £300 againt a purchas price of £150,000 is worth it for pease of mind!

But good luck which ever way you go! try this website localsurveyorsdirect

Squish_21

I'd got for a homebuyer report rather than just the basic one.

I know of people where the homebuyer report has brought some skeletons out of closets, doesnt mean the end of your purchase, but could be a great negotiating tool for a hefty whack off the purchase price!