Homebuyer's report

Homebuyer's report. When you purchase a home you may want to ask a professional to look around the property to give you a second opinion and verify the building is in reasonable order.

So, a 'homebuyer's report' may be the answer. It's a surveyor's report on a property. Beware, the survey will be less thorough than a structural survey, but more extensive than the valuation of the property, which will have been carried out for the benefit of the mortgage lender.

A homebuyer's report may cost from £300 upwards and will depend on the size of the property and how much of the surveyor's time will be spent on the project. Homebuyers' reports and structural surveys are used by buyers as negotiating tools for gaining reductions off the purchase price before exchange of contracts.

See Also:

Mortgage Centre and Mortgage comparison Service for the latest facts and figures.

Last Updated: July 2007 © Moneyextra.com

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