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Home Buyers Report – is it worth getting?

We often get asked if its worth paying for a Home Buyers Report when purchasing a property.

We do recommend obtaining a Home Buyers Report and although your lender needs to ensure the property you are purchasing is adequate security for the money you are borrowing from them so its really only interested in the value of the property.

In general a lender will provide the borrower with a copy of their valuation but it will be brief and will provide little information about the state of the property.

When buying a property to rule of “Caveat Emptor” which means “buyer beware” is applied. This puts the burden on you as the buyer to discover defects in the property which may have not been apparent when you inspected it.

A Home Buyers Report should reveal the general condition of the property, any major defects plus any issues relating to damp, wood worm, rot, damp proofing and other structural issues.

This then means you are in a better position to assess the cost of the works needed and perhaps negotiate a price reduction if the costs are greater than you envisaged when you originally made the offer to buy.

Often its worth getting a full structural sure if certain issues would revealed.