It’s tempting for a person or young family to think of a homebuyer report (or any other survey) as an extra expense they don’t really want. After all, there are already so many expenses involved in purchasing property, and for many it seems that the survey will only highlight what they already know. Nothing could be further from the truth, however.
If you’re planning to get a mortgage and acquire a new home, you’re in for a long-term commitment. Research has shown that new couples spend more than £5000 during the first year alone, just for repairs and renovations, fixing things they didn’t know were problem areas. There are simply too many advantages to getting a survey that it would be silly not to have them done. Here’s your all-important guide to a homebuyer report, and what it does for you.
What exactly is it?
The homebuyer report is a report made after a survey of the property, and is much more detailed than the condition report. It’s actually the most popular report requested by home buyers. The surveyor (such as a homebuyer and party wall surveyor Essex from Chekes & Co.) examines the structural integrity and general condition of the property, and then enumerates – if any – the problems they were able to find (if possible, the causes and ways to fix it as well). There are two different types.
The different types
- The homebuyer report – as stated above, it mentions the general condition and lists down any (if any) problems.
- The homebuyer report with valuation – same as above, but with an estimated market value of the home mentioned.
The homebuyer report
You should expect the homebuyer report to include the following:
- A current valuation of the property (optional)
- Some background information on the property and its location
- An estimate of what it would cost to rebuild the property (for insurance)
- Details of any major faults in the structural or general condition of the property
- Damp test results
- A list of urgent problems that should be taken care of immediately
- A condition of the property’s timber, and the possible presence of woodworm or rot.
The cost starts at £400, and goes higher depending on the size and kind of property.
The homebuyers report is not just another expense – although for the first-time buyer it may certainly seem that way. The most important advantage is, of course, that you understand exactly what you are buying; but it also allows you to bargain with the seller and prepare much better for the future – even deal with the mortgage lender. It’s not just an expense; it’s a necessity. It’s a means of understanding what you’re getting into.