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Homebuyers Report or full building survey? What cost?

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The object is to give client advice on saving money not spending it needlesley . He can get as many quotes and advice from seperate builders as he wants free. THe mortgage company will make sure he doesnt pay more for a propety than its worth. The person in question obiously does not have money to throw away. If you think its good advice to employ independent surveyors etc tell him roughly how much they will cost that will realy put the frightners on him. He is only thinking of buying a house not a block of flats.Dont go over the top on advice. :hihi:

 

all depends on age and condition, 1k spent on as full survey might be repaid 30 times over if structural/ hidden issues exist.

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all depends on age and condition, 1k spent on as full survey might be repaid 30 times over if structural/ hidden issues exist.

 

Same as i said right from off dont go spending a £ 1000 on a survey to start with if you can see house is in a bad condition cracks etc .You will only walk away when you get survey report . Theres plenty decent houses no mind buying rubish. They call them money pits in the trade. :) Now if the asking price was £300;000 for propety or more that would warrant it but not for ordinary semi or terrace house.

Edited by spider1

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Lol! I like Chris's summary. Thanks for the input.

 

Here is any update. We love the property and location & will buy it unless we find it is going to fall down! Have got substantial discount (with an agreement we will not negotiate further). We know it will need substantial electrics & plumbing & have the budget & teams to do that. We also plan to move internal walls, knock through etc.

 

My dilemma now is whether we get homebuyers report who may suggest structural engineer anyway (though the crack is just above one door underneath a new soil pipe) o!,r if we just get a structural report anyway. The advantage of the latter is our structural engineer will take measurements at the same time for the calculations for the alterations (hence saving us time and money - we want to get on with it ASAP before the winter).

 

My question is what info we lose, and what risks we take, by having structural report and not homebuyers? We already know it will need new plumbing, electrics, decor, roof felt etc.

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Ps To answer Spider's questions, our builder has been, I am the wife, and it is over the price you mention so there is quite a lot at stake!

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I would have the full survey, due to the value of the purchase. You seem to have alot of experience and a good team, but for the difference in price on the HB anf full, is pennies compared to the purchase price.

 

I think it's better to be in the know. TBH not sure what additional info it would give you though.

 

Good luck with your venture

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Ps To answer Spider's questions, our builder has been, I am the wife, and it is over the price you mention so there is quite a lot at stake!

 

HI why do you want to pay people for some thing that you already know . probably upwards of £2ooo by the time they have all finished with you .If you have a good builder why not ask him if it requires a full survey and then all the surveys they will recomend on top Structural. Plumbing .Electrical .etc. If he says yes then take his advice. He is the one looking at the job and if he is a good builder he will know what is needed. At the end of the day you must have complete trust in the builder and take his advice on most things as work progreses / Hope you have checked builder out seen his previous jobs etc and talked to people he has done work for . Good luck with your venture but with the right builder on the job its all pretty staight forward and you will have mooved in before you know it. :) I think a structural report would put your mind at rest. Your builder will have his own contacts for these people and it may benefit you to use his architect to advice you if you are moving walls and kitchens around they have a minds eye for seeing finished job.

Edited by spider1

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Many builders are perfectly honest and will give a dispassionate view on the need for works at the house.

But not all are- hence my preferred option of an independent Chartered Surveyor (with professional indemnity insurance backing!)

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Are the home buyers worth it or a waste of money.?

 

Anyone suggest anyone who could do a home buyer report in s12

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Are the home buyers worth it or a waste of money?

No, it's not waste of money. There are effectively three types of property inspection:

1. Mortgage valuation- yes, a waste of money, but essential if one is seeking a mortgage advance. It reassures the prospective mortgagee (lender) that the advance will be sufficiently secured on the property. However, it is often conducted by a non-surveyor; and, although the mortgagor (borrower) usually has to pay for it, it's not for the mortgagor's benefit.

2. Homebuyer Report: a sort of 'halfway' inspection, by a Chartered Surveyor, and quite detailed. However, it's not nearly as detailed (or expensive) as...

3. Full Structural Survey.

 

A Homebuyer Report is adequate for most properties, but not for one which is:

a. a Listed Building;

b. known to have structural defects; or

c. of unusual construction or self-built.

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I have found a firm (They are called Your Survey) on internet for a Home Buyers Report.

The price they offer is reasonable.

The only catch is they want the payment in advance. Is this a normal practice??

Many Thanks for replies.

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In my experience they are worth it, if the surveyor is experienced. Effectively you are getting an experienced property professional to look carefully at all visible aspects of the property. You could do this yourself, but for the relatively small cost of a Homebuyers report, I think it is worth getting this professional view.

 

To the trained eye, many defects are visible even from a cursory inspection.

 

Be prepared for the survey to leave a certain number of unknowns regarding the condition of the electrics, water and heating systems, where the chartered surveyor doesn't have the time, knowledge or equipment to assess the system fully.

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Also be prepared to take quite a few of their findings with a large pinch of salt.

They like to cover themselves.

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