Home buyer Reports And The Costs Involved
From the specialist advice to the reassuring knowledge that you’ve got somebody on your side, the advantages of hiring a mortgage advisor or a mortgage broker are obvious, but there are also a few advantages that come with carrying out a survey. Here we’ve highlighted the different types of survey available and the costs involved.
Standard valuation report
The standard valuation report is for lending purposes and covers anything that is necessary for the mortgage lender to know.
It confirms that a property will provide suitable security for mortgage purposes, indicating estimated rebuild costs for insurance and basic property details. Standard valuation report costs are based on the property value and start from around £200.
The homebuyer report can be carried out from around £400. If the property you have in mind is in good to reasonable condition, then it could provide you with everything you need. It will let you know if there are any structural problems such as damp or some subsidence, but it won’t go beyond the floorboards. So if you suspect the property may have additional problems, then it may be advisable to get a more comprehensive survey carried out.
With some homebuyer reports, a valuation will be included, which may help you decide how much you want to offer. For reports without a valuation, it may be possible to use the information from the report to negotiate the price. For example, if the report informs you that the property is suffering from damp which will cost approximately £7,000 to fix, then you may wish to lower your offer accordingly.
Building or full structural survey
This is the most detailed survey available and can cost £600 or more, suitable if you’re planning on buying an older home that could do with some repairs. Like all the other surveys, it doesn’t look under the floorboards, but the surveyor should provide you with their opinion on any hidden defects the property might have, particularly if similar properties in the area have problems under the floorboards or behind the wall. Detailed advice on any repairs should also come as standard with a building or full structural survey.
For more advice on which survey you should receive, contact us today.