Definitions

This survey is much more detailed than the basic valuation, and is for your own benefit rather than the
mortgage lender's. A large majority of people opt for a homebuyer's report when buying a new home,
and it is definitely worth it to be sure that your new home is in good condition. It allows you to
evaluate whether you want to continue with the purchase at the present price, and to consider any
urgent problems with the property. The homebuyer's report is recommended for houses that are
under 50-75 years old, conventionally constructed, and in generally sound condition.

While less comprehensive than a full structural survey, a homebuyer's report gives a good indication
of the state of the property and its level of repair and maintenance. The surveyor reports on all visible
parts of the property, such as the condition of the roof, pointing out particularly any areas that will
need work straight away or at a later date. Further specialist surveys will be recommended if required.
Any issues to be discussed with your solicitor, such as parking spaces or rights of way, should be noted
in the report. An estimation of the value of the property is also included. The contract will specify
exactly what will be examined, so do check this carefully.

The surveyor will carry out a structural survey to assess the condition of the house. The report of the
survey details the surveyors findings. Although this report can run to over 20 pages, it is certainly
worth paying attention to the liability clauses.

Often the surveyor will only list visable defects. It is not their job to check behind every cupboard and
lift every rug. The surveyor will not be able to give you a definitive answer to whether you should buy
the house, but can help provide an informed opinion of its condition, and spot any major defects.
Often a buyer may view a defect in a different light. Surveyors will attempt to list every defect they can
find, and even the best houses may seem to be riddled with faults. It is important to remember that the
majority of houses will have some problems and they can often be resolved.

The main reason for the survey is to give you a priced list of minor and serious work needed. This list
can then be used to reapproach the seller and negotiate a lower price. If the house price plus the cost
of any necessary work is higher than the market value of the property we recommend that you should
consider carefully whether the house is worth buying.