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
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.