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home buyers survey

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  • home buyers survey

    Hi everyone!
    I'm about to purchase a newly built flat, which was completed in 2008 there has been tenants previously living in the property,, the mortgage valuation report suggests the property needs repairs and improvements, I spoke to the mortgage people and they confirmed that the repairs would be minor, I am viewing the property today but would you advise to have a more detailed report on the property in this situation?
    Megan x

  • #2
    Re: home buyers survey

    I've never bought a property without first obtaining a survey. It's such a major investment that I think you have to have all reasonable information to hand before you commit yourself. The mortgage people might be quite right when they say that the repairs would be minor, but what if they are not? Potentially, it would be an expensive mistake to make. At least a survey would give you reassurance, and if the repairs are actually more than just minor, the report would give you a negotiating tool.


    • #3
      Re: home buyers survey

      thanks for you reply!
      i have been debating whether to have one done. After viewing the flat the other day, i cant imagine the cost of any improvements would be as much as the cost of having a survey done, my broker advised me less than 1% of people have a home buyers survey done on the type of property i'm about to purchase. but i guess its better to be sure!


      • #4
        Re: home buyers survey

        If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition. I hope this information would be helpful for you.