What does a HomeBuyer report include?
A HomeBuyer report is a full inspection of a property and it gives an overview of the condition of the structure and how it affects the value. The report can be carried out on both modern-day homes, as well as traditional older homes. It is clear and concise and uses a traffic light system to demonstrate defects that require repair. As well as a list of issues that need fixing, the report can also offer advice on remedying the situation, as well as any other legal information.
Is a HomeBuyer report different from a valuation?
The report generally contains much more information about the property than a simple valuation. A valuation is commissioned by the mortgage lender and its aim is to compare the size of the loan with the property. However, it’s just a simple inspection which can take as little as 20 minutes. A valuation will not highlight problems or areas for repair. However, in a HomeBuyer report, major issues and defects, such as rot, damp, structural problems and subsidence will be flagged. The surveyor will only look at the structural elements of the property and they won’t move furniture or lift floorboards. The survey will take around two to four hours.
Professional services are required as part of the buying process
Home moving is stressful and if you have all the information to hand, the process will be easier to manager. Movers will require a number of professional services along the way and those looking for a Building Survey Birmingham will have various options to choose from including https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Birmingham. According to the BBC house prices have dropped for the first time this year, prompted by the removal of the stamp duty holiday which is good news for those who want to get on the property ladder.
What will I do if the report flags up issues?
Once the surveyor or conveyancing professional has visited the property you plan to buy, you should receive this report soon after. A surveyor’s report nearly always finds some issues, especially with older homes. You will be able to make contact with the surveyor prior to the visit or you can pose any questions you think weren’t covered by the report afterwards. Other common issues uncovered following a survey include the electrical installation system, possible problems with the property’s central heating and damp and roofing issues. You can get a rough estimate of the cost of repairs, but you may find it too much of a burden to proceed with the purchase. Bear in mind the upheaval that repairs may cause and there is no obligation to follow through with the purchase.