Do I really need a home buyer's report?

Sheesha

Hi, I'm a FTB, put an offer on house & had our mortgage valuation survey completed all fine, with no problems (was actually valued 6k more than our offer so a good start).

The property was bought by the vendors just 2.5 years ago, semi detached & 30 years old (but looks newer).

I have read some info on home buyer's report, but is it really worth getting one done?

I have no chain & nor does the vendor, I already have my mortgage offer & my solicitors have started the searches process.

I want to exchange/complete without any delays as currently living with inlaws in a full house (have been since I got married 9 months ago) So my husband and I havent yet had the privacy of 'just married' etc.

Would I be silly to go without a house buyer's survey? Like I said I want this to go smoothly & just want to move in....

Any thoughts appreciated

DaftyDuck

If you need to ask, you need to do one. The fact that it was bought 2.5 years ago is irrelevant. Maybe they didn't have a survey, and there's a major fault they can't afford to repair.

30 years old is not new enough to not warrant one: indeed, it's just the age quite a few house components wear out or fail. May well need some rewiring at that age, roof may be perishing, damp may have affected joists.... who knows?

As you are a FTB, you probably haven't much previous history to base a non-survey purchase on. You might get away lucky, and save a few hundred quid. You may make a costly mistake, costing tens of thousands.

I'd recommend you do one.

kcseb

I think if the bank's valuer ok's it, then the real point of a proper survey is to inform you of any hidden gremlins. Hidden gremlins = cost.

Cost = reduction in purchase price.

The trouble in this market (at least here in London and Southeast) is that sellers are unlikely to take money off for survey findings, unless it's something major (like planning/building reg issues, subsidence/heave, new roof). And major stuff should be picked up by the bank's guy.

pinkteapot

Some friends of mine didn't get a survey done (only had the mortgage valuation). They moved in and found out the roof had a serious leak which cost them quite a bit of money to put right.

You're talking about spending a few hundred pounds to check over the biggest purchase you'll make (until your next house). It barely adds any time. We got quotes from a couple of local surveyors, booked one in and he went round to the house the following week, and we had our report within three days.

Kazza_Monkey

Hi, i would serously think about having the report done as our surveyor spotted the leak in the flat roof on the house we have just bought amongst various other problems.

As it turns out my brother in-law is a roofer and it turned out the pointing needed re-doing the problem is now fixed but without the report we would have been none the wiser.

Its also very handy as you have a list of the tasks needing doing.

Kazza x

ladyabouttown

I asked this question a couple weeks back: https://forums.moneysavingexpert.com/discussion/4955775

I did a £500 home buyers in the end so that I had a list of things that needed fixing and if anything I missed came up. They checked loads of stuff, broken slates, toilet flush broken, shower broken, broken window, condensation, shed rotten and needs demolishing, kitchen sink leaking.

Have asked for £1000 off the price, will let you know if I get it. Would be happy with £500 so that I get my money back for the survey.

Sheesha

Thanks for the advice, it is true this is my biggest purchase of my life.

IF a home buyer's report brings up any problems, e.g. dampness etc, would I have a real chance of getting the price reduced to cover any cost? Would the sellers be put off by this & would they even turn round & take off market etc? (The reason they are selling is divorce...)

I just really really want this house & dont want anything screwing the sale or delaying for months on end. (I'm due to have my 1st baby in October so NEED to be out of InLaws by then..)

I just dont want to rock the boat in a negative way & want to appear a really good efficient buyer..

Mallotum_X

kcseb wrote: »

And major stuff should be picked up by the bank's guy.

Major stuff may be picked up, however the mortgage valuation is sometimes done without even going inside. They are looking to check they will get their money back.

Do not place any reliance at all on the valuation for this purpose.

By having a survey you are better informed. A 30 year old house could have all sorts of problems, or it may be fine. Far better to waste a few hundred and be told all is ok, than risk thousands on fixing problems you didnt know exist.

My first home was only 12 years old but still paid for the survey. There were only a few minor problems, but at least I knew what i was getting into.

Mallotum_X

Sheesha wrote: »

Thanks for the advice, it is true this is my biggest purchase of my life.

IF a home buyer's report brings up any problems, e.g. dampness etc, would I have a real chance of getting the price reduced to cover any cost? Would the sellers be put off by this & would they even turn round & take off market etc? (The reason they are selling is divorce...)

I just really really want this house & dont want anything screwing the sale or delaying for months on end. (I'm due to have my 1st baby in October so NEED to be out of InLaws by then..)

I just dont want to rock the boat in a negative way & want to appear a really good efficient buyer..

They will see that you are serious by having the survey, it shows commitment to the property.

As to whether they would agree a discount on finding problems - who knows, depends on so many factors.

However if it told you there was a major fault that could cost 10's of thousands, you could at least decide to walk (or run) away and not risk it.

My parents had that with a house years ago, was 30 odd years old but had dry rot. Almost all wood in tyhe house was affected, however this wasn't obvious to them on viewing. They walked away and saved all the headaches puctting it right would have been

GalaxyStar

If you have one done, it is not going to slow down the solicitors. As you have had the mortgage valuation done it won't slow that down either. We had ours done separately, it came back clear thankfully but because we did it that way it hasn't slowed down our purchase at all so you have no worries about that.

Unless obviously you can't get anyone to do a survey until a very long time in the future. Ours did it the week after i instructed, when asking for quotes ask when the next available time would be so you get an idea before instructing. You don't know what hidden horrors the house could have and imagine your disappointment when you do get in and find out all sorts of things need doing you hadn't planned on

Sheesha

I'm searching for quotes as we speak

For a sake of 300odd quid, I think its worth it.

Thanks again for advice, wish me luck !