Paying a few hundred pounds for a more detailed inspection of your new home before exchanging contracts could save thousands later and help when negotiating the price.
There are 3 main types of report:-
a)mortgage valuations – carried out by surveyors on behalf of lenders to highlight serious defects and ensure your new home is worth the price agreed. A large number of minor defects can cost more to rectify than a small number of larger problems. Consequently, these inspections are not usually considered appropriate for older properties or those in poor condition or of unusual construction.
b)homebuyer reports – also identify serious defects but can include tests for dampness, timber defects, drainage, insulation etc, as well as provide an estimate of rebuilding costs, for insurance purposes and an open market valuation. Reports are carried out by surveyors instructed by buyers either at the same time or independently of the mortgage valuation
c)building surveys – include defects, more detail about construction, and estimates of repair costs and future expenditure. Thus they are more appropriate for older homes, those of unusual design, or homes that require renovation or major alteration. The surveyor can also be asked to comment on particular aspects of the property such as potential for extension or improvement.
Some sellers carry out a survey or condition report of their property before putting it on the market in order to identify issues to be addressed that may reduce the need for price re-negotiation later.
Whichever report you decide on, chartered surveyors Jeremy Leaf & Co can carry out the work at a competitive rate and advise on the type of inspection that best suits your requirements.