Which survey?

loujay_2

Sorry to ask another survey question but we are in the process of hopefully buying a repossession which was built in the 1970's.
We had decided to just have the valuation which is taking place this Friday but we are now having doubts as to whether we should change this to a homebuyers report. The reason we didnt choose this originally is because we had one on the property we live in now (it was 10 yrs ago!) and although there were some constructive comments, there were also loads of 'the bathroom tiles are sound but not desirable or the decorating is dated' sort of comments. We realise the repo needs work and didnt want a survey full of 'it needs a new kitchen, bathroom, fachias etc' as we are aware of this.
Do you think we are being stupid just having a valuation?
We arent experts in what may need doing apart from the obvious and are now thinking maybe a homebuyers would highlight any work that may need doing that we would miss.. like the condition of the roof for example. Also Im presuming if something major is spotted then there is no one to negotiate a price reduction with anyway.
Am I right to think the Valuation will include damp, the survey just done on ours did and it was a basic valuation.
Thanks for any help.

BargainJunky

My mum has recently had a homebuyers survey done on a very small bungalow built around 25 years ago - I havent seen the actual survey yet but as a result of it she has decided not to go ahead with the purchase. The surveyor found a few things (guttering, soffits and facias need replacing) plus the conservatory does not have planning permission and does not meet building regs at all, garage has an asbestos roof etc etc. They did check for damp and found none. To us the property looked ok but it appears we know nothing.

At the end of the day it is up to you - if the survey highlights some major problem you could get some money knocked off the asking price.

Good luck

PS My mum paid just over £400 for the survey - not sure how much the valuation survey costs but if I remember correctly the valuation survey is normally only used to protect the lender to make sure they can get their money back if you dont pay the mortgage.

loujay_2

Thanks for replying.
Its make our minds up time. Think I was hoping for people in the know on here to say...dont have a valuation or dont have a homebuyers.
In our case, we know it needs facias, kitchen etc but it is scary isnt it. Like you said, we really know nothing.
Thanks again