One of three types of reports you can purchase for a property, the homebuyer’s report is usually the cheapest. Other options are the lender’s valuation and the more detailed building survey. The lender’s valuation won’t provide information regarding structure and is for the mortgage lender’s own use.
For a home buyers survey Nottingham based surveyors can help you to progress your property purchase. They can provide you with the information you need to choose which report you need, costing upwards of around £450. For a quality home buyers survey Nottingham RICS surveyors will help you find out if the property is the right for you.
According to The Guardian, four out of five homebuyers don’t commission a homebuyer’s report. They assume that a mortgage valuation is the same as a surveyor’s – but only a homebuyer’s report or a building survey can give you the details when it comes to the structural nature of a property.
A building survey is more detailed than a homebuyers report; however, in a home buyers survey Nottingham area surveyors will include, amongst other things.
– Key structural features.
– A surveyor will complete a visual inspection of ceilings, walls and roofs, also in any permanent outdoor buildings, noting the condition of gutters, doors, windows, walls and roofing.
– Structural issues.
– Any subsidence would be detailed, and the surveyor would also note any insulation and drainage in the property.
Any damp-proofing is noted, and a damp meter is used to test the walls for moisture. If there is exposed timber, this will be assessed for rot and woodworm.
A clear traffic-light system conclusion will help you understand your report, describing any issues along with details of potential costs involved with correcting them. If further legal advice or quotes are required, a RICS surveyor can point you in the right direction for advice.
Before the exchange of contracts happens, the valuation included in the report may be used to help you re-negotiate the price of a property. It will also provide a reinstatement value for insurance purposes.
A homebuyer’s report will buy you some peace of mind when it comes to buying a property. It will give you a good idea about key issues with a property and what exactly you are spending your money on.