Approximately 80% of home buyers do not have a Survey undertaken on their behalf and that they unknowingly and incorrectly rely on the mortgage valuation to assure them of the properties condition. The mortgage valuation is not in fact a survey, merely a valuation carried out on behalf of the mortgage lender. A valuation report will only list items that materially affect the value of the property and may not detail other defects that are of greater significance to the individual purchaser. It is planned that mortgage valuation inspections will become a thing of the past in the very near future and automated valuation models will be used to obtain a properties value, this means it will be carried out in an office and there will not be any form of site visit at all.
As a seller why should you have a HCR?
A HCR is a very detailed but simple to understand inspection report on the condition of your property. If your property is in good condition the HCR will confirm this fact to all prospective buyers, after all many buyers will not know that insignificant dry shrinkage cracking in plasterwork is just that and not subsidence. Prospective buyers can take the comments of the HCR on board before viewing your property and thus allay any fears that they may have, and may not fully understand, when they view the property. These facts should result in more viewings of your property and therefore a quicker sale and less stress for you to endure. Would you attempt to sell a car without a MOT?
As a buyer why should you have a HCR?
The purchasing of a house is probably the largest single investment any of us will ever make, yet when buying a property many prospective purchasers fail to realise that the mortgage inspection is not in fact a survey, merely a valuation carried out on behalf of the mortgage lender. A valuation report will only list items that materially affect the value of the property and may not detail other defects that are of greater significance to the individual purchaser. It is planned that mortgage valuation inspections will become a thing of the past in the very near future and automated valuation models will be used to obtain a properties value, this means it will be carried out in an office and there will not be any form of site visit at all.
The HCR is also an ideal condition report for those that are thinking of purchasing a property via an auction as making a purchase without having detailed knowledge of its condition can be a very risky venture. Please be aware that if you require such a condition report for a property sold at auction, it must be carried out before the actual auction and not after you have purchased it.
If you intend to be one of the more pro-active home purchasers and want to commission a survey for a property that you are interested in as well as the home that you are selling, you could get hit with two sets of survey costs, it is therefore advisable to insist on properties having a HCR as a condition of sale, after all, it's not fair for you to carry double the financial burden for being sensible.
Ultimately, we should all ensure that our investment is sound. If the property you are thinking of buying does not have a Home Condition Report, either insist on one being carried out by the seller or we can prepare one on your behalf and provide you with up-to-date information so that you to make an "informed" decision and hopefully make your property buying experience less risky and less of a headache. Would you buy a car that didn't have a MOT?
The HCR will cover the following areas:
• The condition of the properties exterior, including structural stability, condition of the roof, water tightness and decorative condition. <o:p>
• Internal condition including walls, floors, ceilings, roof structure etc.
• Services including gas, electricity, heating, water and drainage.
• Grounds, boundary walls, outbuildings and common facilities.
• An Energy Performance Certificate - Included if HCR is prepared for those selling a property only.
• Any property related issues that may cause health and safety problems.
Synergy Home Inspectors Ltd are ideally placed to provide such condition reports with us having experience of surveying in excess of 100,000m2 of buildings, including houses, schools, offices, public houses and public buildings, in the last 2 years. We are also suitably qualified, insured and regulated professionals and are committed to providing a high level of service to our clients.
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