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Basic Valuation | Table of Contents | Building Survey |  |
This survey is much more detailed than the basic valuation, and is for your own benefit rather than the mortgage lender's. A large majority of people opt for a homebuyer's report when buying a new home, and it is definitely worth it to be sure that your new home is in good condition. It allows you to evaluate whether you want to continue with the purchase at the present price, and to consider any urgent problems with the property. The homebuyer's report is recommended for houses that are under 50-75 years old, conventionally constructed, and in generally sound condition.
While less comprehensive than a full structural survey, a homebuyer's report gives a good indication of the state of the property and its level of repair and maintenance. The surveyor reports on all visible parts of the property, such as the condition of the roof, pointing out particularly any areas that will need work straight away or at a later date. Further specialist surveys will be recommended if required. Any issues to be discussed with your solicitor, such as parking spaces or rights of way, should be noted in the report. An estimation of the value of the property is also included. The contract will specify exactly what will be examined, so do check this carefully.
It is easiest, and often cheapest, to ask your mortgage lender to arrange for the surveyor doing the basic valuation to carry out a homebuyer's report at the same time. However, if you prefer, you can find your own surveyor.
A homebuyer's report inspection should be carried out no more than five days after you instructed it, and some surveyors will do it even faster. The inspection itself takes between one and two hours to complete, and you should receive the results three to five days later. The report comes on a standard report sheet and is normally between about 8 and 20 pages long. The homebuyer's report costs from about £250 to £500, depending on the price of the house. For example, a homebuyer's report for a £100,000 home would cost around £330.
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Basic Valuation | Table of Contents | Building Survey | |
