Homebuyers Survey

spurs_nut

What are peoples views on a home buyers survey?

We have just been advised by our mortgage broker that A private home buyers survey wont be necessary as the house we are buying is only around 7 years old.

He said the basic mortgage valuation would be enough.

Now I know that the valuations side is there to protect the mortgage company and I would have no comeback if things did go wrong.

What I want to know is your views on whether it's worth having a survey done on a house that is still relatively new.

Thanks

marybishop

In a word - yes. I wonder how the mortgage adviser is qualified to give advice on whether or not you should have a survey! Even fairly new properties can have problems - how do you know it's been built to standard without a survey? Surely if you're making a huge purchase like this you want peace of mind (and to have some come back if something is not picked up on that later causes you problems).

cattie

I've never had a homebuyer's survey done on any property I've bought that has been under around 20yrs old. I've trusted to my instinct if the property appears to be in good condition & very well maintained. I personally certainly wouldn't have one on a property of only 7 years old.

For the most part a homebuyers survey is full of generalisations & recommendations to get specialist reports on such things as timber, damp, electrics & very seldom actually tell you very much at all.

A property under 10yrs old should still have the NHB guarantee to cover you for the next 3 years anyway.

scope

Im in the same position as you, we are also buying a 7 year old property.. At first I ordered the valuation.. we then had a change of mind and went for the home buyer survey.. I know it probably wont find any problems, but when you spend hundreds of thousands on a property what is another £200 to get it looked over properly.. We did it for peace of mind...