Homebuyer Report vs. Full Building Survey
What is a Homebuyer Report?
A homebuyer report is a type of survey that is conducted by a qualified surveyor. It provides an overview of the condition of a property, including the structural elements, the services, and any major defects. Homebuyer reports are typically less expensive than full building surveys, but they do not provide as much detail.
What is a Full Building Survey?
A full building survey is a more comprehensive type of survey that is conducted by a qualified surveyor. It provides a detailed assessment of the condition of a property, including the structural elements, the services, the electrical system, the plumbing system, and any major defects. Full building surveys are more expensive than homebuyer reports, but they provide more detail.
Pros and Cons of a Homebuyer Report
Pros:
- Less expensive than a full building survey
- Quicker to complete
- Can be used to identify any major defects
Cons:
- Does not provide as much detail as a full building survey
- May not identify all defects
Pros and cons of a full building survey
Pros:
- Provides a more detailed assessment of the condition of a property
- Can identify all defects
- Can be used to negotiate the purchase price of a property
Cons:
- More expensive than a homebuyer report
- Takes longer to complete
- May not be necessary for all properties
FAQs
Q: Which type of survey should I get?
The type of survey that you need will depend on the property that you are buying and your budget. If you are buying an older property or a property that has been renovated, you may want to get a full building survey. If you are buying a newer property that is in good condition, you may be able to get away with a homebuyer report.
Q: What is the difference in price between a homebuyer report and a full building survey?
The price difference between a homebuyer report and a full building survey can vary depending on the property and the surveyor. However, in general, a full building survey will cost two to three times more than a homebuyer report.
Q: How long does it take to get a homebuyer report or a full building survey?
A homebuyer report can typically be completed within a few days, while a full building survey can take up to two weeks.
Q: What happens if the survey finds defects?
If the survey finds defects, you will need to decide whether to proceed with the purchase of the property or to negotiate the purchase price with the seller.
The decision of whether to get a homebuyer report or a full building survey is an important one. It is important to weigh the pros and cons of each type of survey and to choose the one that is right for you. Homebuyer Report vs. Full Building Survey Which one is right for you? If you need assistants, get in touch!