As property prices continue to rise there is a greater risk that buyers will cut corners when it comes to surveys, warns Dafydd Hardy Estate Agents and Chartered Surveyors. More buyers will rely on a mortgage valuation rather than order a Homebuyer Report or a full Building Survey when purchasing a home.
Mortgage valuations are for the lender’s benefit and do not go into detail over the structure’s condition. Buyers could be left with expensive defects to put right, rather than using such defects as a bargaining tool during the negotiation process.
Sales and Service Manager Susan Jones said:
“Everyone wants to save money but beware that saving money by relying on a mortgage valuation might prove to be false economy.
“Compared to the purchase price the cost of a Homebuyer Report is small but its value is often many times greater.”
Unless your property is new and still covered by the NHBC’s 10-year warranty, a Homebuyer Report is the recommended minimum “level” of survey you have should have. The report’s 25 pages are user-friendly and use a simple traffic-light colour code where the surveyor rates the condition of various aspects of the property. A Homebuyer Report also covers any external areas and outbuildings, as well as potential legal issues such as boundary ownership and rights of way.
If the property you are buying is more than 75 years old a full Building Survey is recommended. This report delves into the greatest detail, as older homes tend to have more alterations and extensions added to them over their greater history.
If you are buying a home and are unsure which survey to choose, speak to Dafydd Hardy’s Chartered Surveyors first as we can offer you a free quotation. Find out more on our survey page here.