Houses

Buying a House # 3

A quiet day today, I’ve been trying to work out the differences between the different types of survey that I can get.  It is pretty obvious that the standard valuation (which is required by the mortgage lender) is of no value to me.  Fortunately the mortgage I got approved for yesterday includes this for free but apparently usually you have to pay for it which is a bit much really since it is really for the lender’s benefit.

So my choices are between the Homebuyer Report which most people seem to say is perfectly OK for buildings less than 130 years old and of standard construction and the Buildings Survey (or structural survey) which is much more comprehensive (and more expensive) and recommended of older or unusual buildings or buildings that have obviously been modified etc.  From the general advice available it seems that the homebuyer report is all I really need but also the results of these reports can be a bit vague and seem to gloss over a lot of things that could be important later.

So I’m currently leaning towards the full buildings survey just to be on the safe side but at a cost of around £1000, compared to £250 for the homebuyer one it is something I’m going to have to mull over a bit more before finally deciding.  And then I’ll have to actually choose a surveyor and apparently what you get for your money for a buildings survey can vary dramatically from one surveyor to another whereas the homebuyer report is done to a standard form which means that you can compare like with like more easily but you cannot customise the survey as much to your particular concerns.

I also did some thinking about insurance requirements which got me pretty confused but dad helped out a bit and I can see things a bit more clearly now.

Nothing really resolved on either front though and I mainly avoided the subject by doing housework and watching TV.  And ranting about how confusing it is to my girlfriend and my parents.  Hopefully tomorrow will be a little more productive.

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