If you’re a first-time buyer or even an experienced buyer, it can often be baffling to navigate the whole range of options available at almost every part of the process. Of course, there are searches and reports that are required legally, or by the mortgage lender to release the funds, but when it comes to property surveys, what is the difference between the full-blown homebuyers report and the common or garden valuation? Crucially, as all transactions are different, what is right for you?
A mortgage valuation does exactly what it says on the tin: it looks at the value of the property to ensure you are paying a fair price for it. Generally speaking, a mortgage lender will contract a preferred surveyor for valuation and require you to pay for it. A mortgage valuation is little more than a quick scan of the property, to make sure it looks in good condition and assess that there is no urgent issue which is in need of repair.
A condition report checks out the condition of the property, in more detail than the basic valuation. This is designed to complement the valuation by providing a traffic light rating of a range of different aspects of the property, with green meaning the area is fine, amber meaning some attention is required and red indicating a serious cause for concern. These are more expensive than a valuation due to the extra detail required.
A homebuyers report is not generally required by a lender but is something that a purchaser can use to find out in detail the state of the property. A homebuyers report will look for obvious issues such as rot and damp but is non-intrusive. A surveyor carrying out a home buyers report will not move furniture or lift up floorboards to complete this. It is possible to get home buyers to survey Hertfordshire or anywhere else in the country by using your preferred search engine, or company such as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Hertfordshire. This is Money suggests that a homebuyers report is most appropriate for properties built in the last 100 years.
A building survey is more expensive than a home buyers report but is far more detailed, and most useful if you are considering buying a very old property.