Home Buyer Report is Needed
Whether they are moving from their existing property to a new one or purchasing for the very first time, many property buyers ask themselves is if they need a home buyer report. According to statistics, four out of five buyers do not have a full investigation of their new home carried out, which can lead to costly mistakes in the future. A lot of people believe that they do not need a report because of a variety of reasons, including the age of the property, local knowledge, and believing that their mortgage lender will do it for them.
However, this is simply not the case. Lenders only instruct surveyors to construct an accurate valuation of the property to make sure that they are not lending too much, impairing the ability to be reimbursed if the property is repossessed in the future. While some may go into further detail, it is too risky to rely solely on a valuation.
The National House Building Council (NHBC) is the UK’s first choice for new home warranties and many home owners believe that their new build will be protected with this, steering away from a report. In fact, the terminology is misleading as it is not a guarantee but a warranty only effective for the first two years after construction.
Unless you are buying a home directly from the developer, it is still recommended to include a home buyer report in your buying strategy. There are a variety of different surveys available for individual requirements and which one you select is entirely dependent on your specific circumstances. You can choose from:
– Building Survey: This provides a comprehensive report on the structure and is tailored to your property. It includes highlights of any defects that may be in the building, along with outlining maintenance and repair options that you should consider.
– RICS Home Buyer Report (HBR): This offers ratings on the condition of the property, details of urgent defects that need to be taken care of and legal advice. In addition, it also provides a market valuation and advice concerning anything that may decrease the value. HBRs sometimes include recommendations regarding ongoing maintenance too.
When you come to us for a home buyer report in Maidenhead and throughout the surrounding regions, you don’t have to spend a fortune to gain an accurate understanding of your new property. We are dedicated to providing affordable service to help our clients protect their investment in the long run. As purchasing a home is likely to be the biggest financial commitment of your lifetime, it is paramount that you make sure you are investing correctly. We can help facilitate decisions like these so that you secure your financial future. Contact us today for more information.
