Q. What’s the difference between a Homebuyers Report and a regular Valuation?
A. The homebuyer report focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property. The homebuyer report, unlike a building survey, provides not only a survey but also a valuation as an integral part of the service. This type of report is more detailed than the mortgage valuation, which most people choose to commission, and is normally instructed by residential purchasers for their own use, in order for them to make an informed judgment on whether or not to proceed with the purchase, and also establish that it is worth the price they are paying. The Surveyor will also provide a professional opinion about the particular features of the property which affect its present value and may affect its future re-sale. The report format is standard, compact, and easy to understand. It covers the building inside and outside, the services and the site. It focuses on the defects and other problems which the Surveyor judges to be urgent or significant and also covers the general condition and particular features as well as particular points which should be referred to your legal advisors. Internally, the condition of service installations, such as wiring and drainage and central heating, will also be examined but not tested.