Home buyers report and Valuation - Is this the right survey for me?
the short answer
It's less comprehensive than a full Building Survey (Structural Survey). But it will give you a good indication of the state of the property and its level of repair and maintenance. It will report on all the visible parts of the property, such as the condition of the roof, pointing out 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, for example parking spaces rights of way or possible neighbour disputes, are noted in the report. An estimation of the value of the property is also included.
This survey is much more detailed than the basic valuation, and is for your benefit not the lenders. A large majority of people opt for a homebuyer's report when buying a home. It allows you to decide 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.
The Homebuyer Survey and Valuation, which is usually called the Homebuyer Service, is in a standard format designed by The Royal Institution of Chartered Surveyors (RICS)
It can be used for houses, flats and bungalows which are of a conventional type and construction and apparently in a reasonable condition. It will focus on defects and problems which are urgent or significant and which may have an effect on the value of the property.
Unlike the full building survey, this service includes a valuation and a fire insurance reinstatement cost valuation. It gives basic information about the condition of the property but contains no costings or detailed recommendations with regard to repair.
The Homebuyer Service is the copyright of the Royal Institution of Chartered Surveyors.
A Homebuyer Survey and Valuation includes details of:
- The general condition of the property
- Any major faults in accessible parts of the building that may affect the value
- Any urgent problems that need inspecting by a specialist before you sign a contract
- Results of tests for damp in the walls
- Damage to timbers - including woodworm or rot
- The condition of any damp-proofing, insulation and drainage (though drains aren't tested)
- The estimated cost of rebuilding the property after a fire, for building insurance purposes
- The value of the property on the open market