Here at Premier Lofts, we understand there any many different aspects of the property sector that can be stressful. Whether it be renovations such as loft conversions, trying to sort out a mortgage, or buying your very first home, there are a number of things that you as a homeowner, or a prospective one, may have to consider. One of these things you could be dealing with right now if you are a first-time buyer is the HomeBuyer Report. This is just one of the many bits of paperwork you could be dealing with before those keys are given to you. But what exactly is the HomeBuyer Report, and what should you be looking out for? We know that it can a slightly daunting experience, so we’ve decided to put together a guide for you to provide some clarity on the matter.
The HomeBuyer Report: what is it?
This kind of report is an in-depth survey of the property you are buying. If the property is conventional in nature and can be considered to be in reasonable condition, then this survey will usually be enough on its own when it comes to valuations for your house. The aim of this report is to highlight any potential problems with the house that need to be sorted prior to the property being bought outright by you.
How much does a HomeBuyer Report cost?
In terms of price, this will typically cost around £400, with the exact prices depending on different factors such as the current value as well as the size of the property. It may sound a little on the pricey side, but it could end up saving you a considerable amount of money in the long run, as it can help to identify structural problems that could otherwise be costly, such as damp or subsidence.
Nevertheless, you should keep in mind that a HomeBuyer Report will not be looking beyond the floorboards
What type of HomeBuyer Report should I get?
According to the advice given by the Money Advice Service, you should make sure that you choose a survey not based on the cost, but rather the actual condition of the property itself. You don’t want to end up being suddenly hit with unexpected repair bills in the future, and spending money on a decent survey can help you with avoiding these kinds of surprises.
What should I do if the HomeBuyer Report uncovers problems?
It is not uncommon for the survey to find issues with a property, and this can especially be the case if the property you are purchasing is older. In terms of the most common things that will usually need investigating after this type of survey has been carried out, it will be:
- Damp and timber related problems
- Complications that may need a consultation with a structural engineer
- Electrical installation issues
- Central heating problems
- Roof related problem
If you find yourself with one of these problems, you have the following options:
- If major work is required, ask a reliable builder to give you a quote
- Make sure you ask the surveyor to give you an estimate of how much it will cost for these problems to be fixed
- Find out from your survey as to whether these problems would be covered by a guarantee
- Try to renegotiate the prices based on the estimates that you receive from the surveyor or builder.