It’s one of the most common questions to crop up during the process of purchasing a property, especially if you’re a first-time buyer. Which is best, a homebuyer’s report, or a building survey? If you are purchasing the property with a mortgage, then among the list of legal jargon, prerequisites, and fees, you will find that the mortgage lender requires a valuation to be carried out.
Alongside this, you will likely find that the option of a homebuyer’s report or building survey can also be conducted on the property. Sometimes these are thrown in as part of the mortgage deal, sometimes they are not and you’ll have to pay a fee for the lender’s surveyor to be appointed, or alternatively you could appoint one independently.
A mortgage lender will usually rely on the valuation of the property to ensure their investment is financially sound, but a valuation will not tell you anything about the fabric of the building. If you want to get more information about the condition of the property, it’s wise to commission a homebuyer’s report or a building survey.
A homebuyer’s report is usually purchased by a buyer looking for a general review of the property, and is often the better option if you’re purchasing a relatively standard property that appears to be in reasonably good condition and is perhaps no more than 40-50 years old. The homebuyer report would see a surveyor carry out a visual inspection, before providing a detailed report listing any potential concerns with the property.
A building survey is usually purchased by a buyer looking for a comprehensive and thorough review of the property, and therefore, a survey is more expensive than the homebuyer’s report. Surveys are best for older properties (say, pre-1960) or rundown properties, unique or altered buildings such as cottages, or if there are plans for major works. The building survey provides the most detailed survey with the highest standard of visual inspection. The surveyors provide a thorough review of any current or potential defects, and they are non-invasive, meaning that the surveyor won’t be knocking holes through walls or pulling up floorboards.
If you decide to appoint a surveyor independently, it’s important to choose an accredited surveyor. Personal recommendations from a person you trust is always a good way to go, but if that isn’t an option, you can use the surveyor-finder through the RICS website. RICS (Royal Institution of Chartered Surveyors) is the professional association of surveyors in the UK and they will provide a list of reputable, accredited RICS regulated surveyor firms based on your location.
Are you looking to purchase the perfect home in Cardiff, or looking to find your way onto the property ladder for the very first time? If so, the sales team at CPS Homes estate agents are ready to help you. Call us today on 02920 668585, email email@example.com, or pop into one of our branches based in Cathays, Roath and Cardiff Bay.