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A homebuyer's report is the most commonly used professional study of the building you are buying. The overwhelming majority of househunters use a homebuyer's report as a guide to the condition of the property.
What is a homebuyer report?
The homebuyer report service involves a surveyor visiting your home and inspecting it. They will only inspect those areas of the property that are reasonably accessible or visible. They will then write a report on the property, as well as performing a basic valuation.
What types of property will need this type of survey?
The recommended use of homebuyer's reports is for conventional houses and flats that appear to be of a reasonable age and condition.
Who is it aimed at?
Unlike a standalone basic valuation, a homebuyer's report is written for you. Much of what is written in the report will not be of interest to the mortgage lender. Its purpose is to help you make an informed decision on whether or not to proceed with the purchase at the agreed price and also to assess any urgent or major problems with the property.
How much will it cost?
A homebuyer's survey is more expensive than a basic valuation, but less so than a full structural survey. Sometimes a mortgage lender will refund the cost of a basic valuation on completion of the mortgage transaction. Where this is the case, you will only end up paying the difference between the cost of the valuation and that of the homebuyer's report. As rough guide, you can expect to pay £200 - £450 for your homebuyer survey.
What format will the report take?
You will receive a concise report in a standardised format of between ten and twenty pages in length. The normal order of topics is Introduction and overall opinion, the property & location, the building, the services & site, Legal & other matters, Summary, Valuation. |