Buying a house

[sammd]

Is it worth getting a Homebuyer survey done rather than just a valuation? What kind of things does the Homebuyer cover?

[jennifer_cro]

When we bought last year, we paid over �400 for a homebuyers survey. It identified major damp problems with the house we were thinking of buying which we didn't spot when we viewed it on 3 occassions and in the end we pulled out.

So I would recommed getting one done, a valuation won't tell you anything other than the value.

[buildersmate]

The valuation survey that the mortgage lender requires checks (for the lender) that, if the borrower defaulted, the lender would to get the loan back. It doesn't mean that the fabric of the house is necessarily in good condition. The homebuilders survey checks the fabric of the house, so things like damp, condition of the materials used in construction, drains, that the water and electricity systems work.

[sammd]

Thanks guys. Do you have to pay for a valuation and a Homebuyer survey, or does the Homebuyer include the valuation aswell?

[newquizzer]

It depends on the age of the property. If it is realtively new you are covered by the NHSBC 10 year guarantee.

You must ask the mortgage provider to arrange a Homebuyer Survey or they will automatically organise a valuation one. Do it in writing so you have proof.

This happened to a friend of mine and they just got the basic survey, which usually costs �250 to �300.

For an extra �100 or so you get the reassurance of the more thorough inspection. You do not need both the Homebuyers is more thorough and is therefore worth the extra.

[sammd]

Thanks..

[buildersmate]

One small addition to Newquizzer's answer. the much-hyped 10 year NHBC warranty is only 10 years for structural components - so cracks caused by inadequate foundations and poor roof construction. The limit on all other defects (like damp penetration) is 2 years.