A Home Buyers Report is a combination of both a valuation and a survey. It’s far more detailed than a Basic Valuation, but not as comprehensive as a full structural Building Survey.
Basic Valuations are usually conducted for the benefit of the mortgage lender and provides a general description of the property, its location and its condition for the purpose of assessing whether to lend the money or not. Such a Basic Valuation will not look at the house in detail and more importantly does not give any form of redress to the purchaser if any subsequent problems arise after purchase.
A Home Buyers Report is considerably more comprehensive than a Basic Valuation and this time the surveyor is acting on your behalf. Furthermore it provide you, the purchaser, with some form of comeback in the event that the surveyor proved to be negligent in their reporting.
The surveyor conducting the Homebuyers Report will make a detailed visual inspection of the property and record any major and urgent faults that the property may have. Such faults will either need repairing before purchase or will impact upon the sale price of the property.
The surveyor will also point out to you any other surveys that may be neccessary that are beyond the remit of the Homebuyers Report survey. For example a damp and timber report or an electricians survey.
The Home Buyers Report will provide you with an estimate of the properties current value and will also inform you of any issues that might require further investigation by your solicitor. Such issues as rights of way or concerns about adjacent properties.
At Gemstone Building Surveyors we can conduct comprehensive and professional Home Buyers Report surveys to ensure that no problems arise when purchasing your new home.