Home-survey and valuation: Either, neither or all?

Heres_the_deal

We've got to the point where we need to consider a home-survey.

It's for a house forming one of sixteen properties on a small mid-90s development, all the properties were built by a local well respected builder to a decent standard. Walking up and down the street, there appear - to a lay person - no obvious problems. 

I'm more inclined to pay the £450 for the survey, however, is there any advantage in paying another £50-80 for a valuation when the lender already valued the house at 4% lower?

greatcrested

If the lender is doing a valuation, and you are personally happy with the price you've agreed, it sems to add little.

As for the survey, depends on your attitude torisk and your confidence in yourself.

A recent build by a respected builder should be fine.

Your own (plus friend, father-in-law-builder etc??) inspection should spot obvious roof issues (take binoculars) or cracks in walls.

If you have a decent sense of smell, and sharp eyes, you'll spot damp problems.

Likewise things like poorly maintained wooden windows (peeling/cracked paint, rotting wood) can be spotted if you look.

Boiler might be 20 years old so near end of life, but a srveyor won't do more than say it looks old and advise a gas inspection. Simply turning on hot taps and the heating will tell you if it works though!

Unless the owner has done really dodgy DIY, 1990s electrics should be fine. They won't be 'to current standards' but they will be to1990s standards.

But if you want peace of mind and have little confdence, pay for a Home-buyers survey.

kasqueak

I’m currently in the process of buying a 15yr old bungalow and we decided not to have a home buyers survey done. A valuation was done by the bank for the mortgage and the value came back as what we had accepted. 

When doing my research and seeing sample reports I couldn’t see what a home buyers survey would tell us that we couldn’t already see ourselves. The property looks in good order, we did 3 inspections and went in the loft, used binoculars for the roof etc. We can see the boiler is the original and needs replacing. No evidence of damp etc. If I was buying an older property or one that had been altered or extended then I would. But the bungalow I’m buying basically hasn’t been touched since it was built so I’m happy to ‘take the risk’ of not having a survey done based on our own inspections of the property. 

Heres_the_deal

greatcrested said:

But if you want peace of mind and have little confdence, pay for a Home-buyers survey.

Will having, or not having a survey of any kind, affect any buildings insurance?

MovingForwards

No, it won't. 

badger09

We're buying a 4 year old detached built by a respected local company, which has had a large single story extension added.  We think the cost of £475 (less than 0.1% of purchase price) for Building Survey and Valuation is worth paying for peace of mind.