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Home Buyer Report
shaz77_2
Posts: 1,881 Forumite
I'm am getting one of these done on a property that I hope to buy, has anyone found them beneficial?
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Comments
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Don't think you get much more detail than the stanard valuation survey, which we got free with abbey, why don't you try this first and if anything comes up that looks alarming pehaps go for the homebuyers?0
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You do get more detail in a homebuyer's report. I also got a copy of my lender's standard valuation and that was just a couple of paragraphs. A homebuyer's report will be several pages of A4 (could be as many as 30).0
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Depends on the property you are buying. If it is a recently built property, say within last 10 years or so, a basic valuation should be all that is necessary. Anything a bit older there may be some hidden potential problems/problems brewing so I would get a Homebuyer's done.
Homebuyer's will cover lots of finer points like electrics, drains, state of roofing etc and whether you should get any further investigations done. It will flag up stuff you would not be expected to pick up yourself in a couple of 30 min viewings! It will point out the obvious as well though as they have to make sure there are no come backs on them.
The basic valuation is more for the lenders benefit than yours. It is just to satisfy them that your house is mortgageable at the price you have agreed.
Good luck.Offer accepted - 4th July
Own sale completed - 5th September
Finally exchanged - 30th October :j:T:j
Completing on Friday 13th! :rotfl:0 -
In my experience it depends on the surveyor who completes the report. We've had 2 homebuyer reports done. The first one was exceptionally thorough, the surveyor gave lots of detail, all of which was helpful. The second one - on the most recent house we bought - gave little or no information of any real help to us, and contained a couple of inaccuracies, both of which the surveyor denied once we realised. By that point though, we had moved into the house, so there was very little point in us pursuing it with him.
So my advice would be, yes, they are useful, but ask around to find a good surveyor to do the report for you.
Hope it works out well for you.0
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