A homebuyer’s report focuses on the essentials of a property, identifying defects and problems that have an immediate effect on its value.
They allow the purchaser to make a reasoned and informed judgement on whether or not to proceed with the acquisition, as well as identifying what actions and decisions should be made before the purchaser enters a legally binding contract.
Most will be familiar with a mortgage valuation survey, which is compulsory for those who want to take out a mortgage. A mortgage survey confirms the worth of the property for security purposes; they do not identify anything that is wrong with the condition of the property.
Although having a homebuyer’s survey is not compulsory, you are strongly advised to have one carried out on a property before its acquisition. A homebuyer’s survey can often be used as a valuation that is accepted by mortgage lenders.