What does 'Homebuyers Survey' mean when buying a property?

Find out what Homebuyers Survey means when you are buying a property. 'What does Homebuyers Survey mean?' plus over 150 other property related terms and jargon in plain English

Homebuyers Survey

A type of Survey more detailed and more expensive than a Valuation Survey because the surveyor is instructed to report not only on the value of the property but the general condition such as windows, damp, etc.

This type of survey does not include any structural issues unless they are immediately obvious and may affect the value of the property. As such they are quite popular with those buying a flat who not only want to see the value but also any immediate and medium term issues.

The surveyor should not speculate on the costs of any issues he reports, only that he suspects there may be an problem. Specialist companies are then needed to inspect the issues and provide cost estimates.

Although Homebuyer Surveys occupy a strange middle ground between a valuation survey and a full on structural survey I find they are useful when purchasing older flats if you are not a professional buyer or investor. They're helpful in flagging up stuff you wouldn't know to look for such as damp penetration below windows, conditions of sash frames, etc.

Remember knowing these things does not necessarily put you in a good place to renegotiate on the price. Old buildings are old buildings - they need constant maintenance - and so in a booming property market a vendor are not going to be impressed if you try to get a price reduction just because the windows may need some repair work at some point in the next 10 years.

To find out more about all the different types of surveys and how you should use them pick up a copy of my ebook How to Really Buy a Property.

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How to Really Buy a Property

"... aware of the results (see above). You can go into more detail by requesting a homebuyers survey or a structural survey. If you are applying for a mortgage it usually makes sense for the surveyor who is doing the valuation to also carry out the second survey. A homebuyers survey is the usual..."
"... homebuyers survey is the usual choice for those buying a flat. It looks at any defects on the property such as the windows, flooring, plumbing, damp and, if there is access, the roof. A structural survey is usually chosen by those purchasing a house as it includes everything in the homebuyers report as well as an inspection of the..."

"... to please surveyors because they don't want properties down valued, so if you pose as a surveyor you will find out everything! - The homebuyers survey - Probably one of the biggest waste of times in the whole home buying process. It is a valuation survey followed by a lot of..."

"... one thing that can help with stress free selling it is to get a survey done on a property before selling. In the case of a Leasehold or Share of Freehold property, a homebuyers survey In the case of a Freehold property, a structural survey The reason smart vendors do this is two..."

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