Do I really need a homebuyers report/survey?

Msxpert11

As the title says, do I really need one? I'm a first time buyer looking to purchase a 1930s purpose built first floor maisonette.

Now I know many people will say it costs a small fraction of the purchase price and it's worth it but here's my argument.

Most reviews and other forums posts say homebuyers reports are waste of time and money. Reports stating the obvious, with loads of loopholes and always recommending specialists.

A friend of mine who's a carpenter has offered to come along during another viewing to inspect the loft, checking joints etc for woodworm and any other defects, whilst another friend who's a painter and decorator has offered to check for any damp etc (he has one of the damp meters that the surveyors have) but he isn't an expert on damp (neither are surveyors) but has worked with it in the past.

In the meantime another friend who's a qualified electrician has said he will check the electrics, so is there really a need for a survey?

Maybe I'm just really lucky to know loads of tradesmen and I should utilise this or am I being tight by not forking out for a survey.

Any suggestions/thoughts??

Thanks

[Deleted User]

You might not want one but you can be sure that your mortgage company will

Anyway.. get your mates to check it over also; as you said the survey isn't great. We had ours thrown in as part of the mortgage deal (First Direct were pretty great)

Msxpert11

We recently had the valuation done by the lenders, which came back ok. I've heard these can be 'drive by' but it's good news for us regardless, since the last property we had an offer accepted on was down valued by 10% and we had to pull out.

Is it common for the lenders to offer a mortgage, pass a valuation and then demand a homebuyers report? I was under the impression it was an optional extra as such.

Thanks for the reply

Daisymoocow

It is an optional extra - your mortgage company will want a valuation - which is what they have done. If you want anything more substantial you can have a homebuyers report - but like you said, they are pretty limited. If the surveyor sees anything wrong, they will simply point it out and advise you should seek professional help. I believe that they aren't allowed to move anything - it is a visual inspection only. Therfore, if you know people that 'know' what they are looking for, I would use this advantage and if they point anything out - then consider getting a trade professional in to look it over.

theEnd

I didn't get one on the advice of my parents (dad's a builder) as some other people, also in the building game.

Their argument was that they didn't really do anything. Have a quick look around then send you all the same non committal generic survey.

In hindsight, I wish I'd got one. Even if it just gave me an idea of the order I need to do things in.

A year later, I'm still doing stuff.

p00hsticks

Msxpert11 wrote: »

Is it common for the lenders to offer a mortgage, pass a valuation and then demand a homebuyers report? I was under the impression it was an optional extra as such.

I've not been through the mortgage application process recently, but like you, I believe the homebuyers report is an optional extra to the valuation as far as your mortgage company is concerned (to save you a bit of money from getting it done separately given that the surveyor will be doing a valuation for the mortgage company anyhow).

Kynthia

Yes many of the just tell you to check the electrics and they got high damp readings off some walls. However it's the people who got one with serious things in it and then were saved from buying a moneypit property that are really glad they got one. You don't know which you'll be until after you've got the report.

DigForVictory

You need something to get the moneylenders' cooperation.
I went for a full structural surveys, before approaching the lenders, as well as whatever they wanted.
Save me buying a financial black hole, once. (Pits *eventually* can be filled.)