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Homebuyers Report vs House Purchase Survey / Buildings Reinstatement Valuation
Hoopie1
Posts: 1,254 Forumite
Hello
I have had an offer accepted on a house recently. At present I am trying to line up a homebuyer's report, however a few people that I have contacted say they don't have the qualification to do the HBR and instread offered to do a House Purchase Survey, which appears to be more in depth, but doesn't provide a valuation (which doesn't bother me so much).
The house in question is pretty much a shell (no carpets, needs fully kitting out).
Is there a reason to choose one over the other?
Also, I have heard that a Buildings Reinstatement Valuation may be required for insurance purposes - can anyone expand on this?
I have had an offer accepted on a house recently. At present I am trying to line up a homebuyer's report, however a few people that I have contacted say they don't have the qualification to do the HBR and instread offered to do a House Purchase Survey, which appears to be more in depth, but doesn't provide a valuation (which doesn't bother me so much).
The house in question is pretty much a shell (no carpets, needs fully kitting out).
Is there a reason to choose one over the other?
Also, I have heard that a Buildings Reinstatement Valuation may be required for insurance purposes - can anyone expand on this?
0
Comments
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You need a re-instatement valuation in order to know how much insurance cover you need.
It will tell you what it would cost in worst case scenario: eg house burns down - cost to clear site, pay surveyors/architects, and rebuild from scratch. This is NOT the same as market value.
There are other ways to do this:
* use the RICS estimator
* buy a policy that isnot taylored to your property but give cover upto eg £500,000 or £1m.
As for survey, it's a matter of choice what level of detail you want!
* are you risk averse? Get full survey
* New property/well maintained? Less likely to need full survey/
* Got specific questions?(can I knock down this wall? the basement looks dodgy...) negotiate with surveyor
Compare survey types here.0
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