Homebuyers Surveys & Reports

When buying a new home it is recommended that you get a report or a survey on the property. Currently only 20% of homeowners do this but they can save homeowners from paying out large sums in unforeseen building costs. However, there are a range of surveys and reports to choose from and they are provided by different industry certifying bodies. House surveys will also help you find out if there are problems, give you a powerful bargaining chip for negotiating the buying price down or asking the seller to fix the problems.

Mortgage Valuation

Mortgage valuations are not surveys – they are just cursory looks at a property to assess how much it is worth, with a note about any major works that might be necessary and would affect its value. This report is normally required by mortgage lenders if a buyer does not invest in one of the more detailed surveys listed below. The lending company will normally insist on using surveyors they recommend to conduct the mortgage valuation, to ensure the property is sufficient security for the loan. A buyer normally has to pay for this, though some lenders will include the cost in their fees.

Homebuyers Report

A HomeBuyer Report, or Home Survey, must be conducted by an RICS qualified surveyor, who carries out a detailed visual inspection of your property, or the one you want to buy. The report you are supplied with following the inspection uses easy to understand ‘traffic light’ ratings, so you can clearly see the property’s condition, and any areas of concern. It includes comments on the condition of the property, provides guidance to legal advisers, highlights any urgent defects, a market valuation, insurance rebuild costs, advice on defects that may affect the value of the property with repairs, and ongoing maintenance advice.

Home Condition Survey

Unlike the Homebuyers Report, these surveys are offered by the Residential Property Surveyors Association (RPSA) rather than RICS, and are conducted by specialists in residential surveys (these are trained by the BRE or by SAVA). They are produced in a consistent, consumer friendly format and include practical information such as broadband speed, damp assessment and boundary issues for the conveyancer to consider. reports are independently checked to ensure consistency and quality

Home Condition Surveys cost between £400-£900 depending on value of property

Building Survey

A Building Survey is the most comprehensive home survey, and is therefore ideal for older properties, or if you’re planning any major works. Building surveys are expensive, but can be worth the investment. They range in price from under £500 to about £2000 depending on the size of the home. A Building Survey should include all the elements of a HomeBuyer Report, apart from the valuation, as well as a more in-depth analysis of the property’s condition. The report you receive will include detailed advice on defects, repairs and maintenance options. An estimate of repair is also often offered by the surveyor as an optional extra, as part of the report.

Difference Between The Reports

The main difference between a Building Survey and HomeBuyer Report is that the survey is a lot more comprehensive, and gives you a highly detailed review on the condition of your property.

A HomeBuyer Report is generally better for properties that were built within the last 100 years; are of more conventional design; are built from common building materials and are in a reasonable condition, as far as you can tell with a basic visual inspection.

A Building Survey is generally better for properties that are much older and built more than 100 years ago; have undergone major extension or alteration; are much larger and offer extensive accommodation; you plan to alter in the future or are of non-traditional construction.

See Also In Chimni

Chimni Wiki Home Information Packs - HIPs

Other Useful Web Sites

Royal Institute of Chartered Surveyors (RICS) - 'Buying A Home' www.rics.org

RICS YouTube Guidance - 'Choosing A Survey' www.youtube.com/RICS

Residential Property Surveyors Association (RPSA) - 'Home Surveys' www.rpsa.org.uk

Home Owners Alliance (HOA) - 'What Survey Should I Get' www.hoa.org.uk

Which? Magazine - 'Home Surveys' [www.which.co.uk/surveys]

References

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