My First Property

Condition Report Explained: First Time Buyers

There is a new type of report that was introduced just last year that is called the Condition Report. It is a lot cheaper than the Homebuyer Report given that it can cost as little as just £200 - compared to much higher for the homebuyer report.

The idea is that the lower price will help to make sure that more people get a survey, which should really be done, but apparently a large number of home-buyers simply don't pay for a survey - very odd given that it can identify issues that could cost many, many times the price of the survey!

Why don't people get one? It could be to save money, but most likely it is thought a lot of people simply don't understand that the mortgage valuation they get will take into account the sorts of things a survey does, although of course it is purely just a valuation, no more no less, and a survey is tehrefore essential.

The Condition Report looks like a good step forward as it is affordable and also easy to read: it has a simply to understand system using traffic lights that looks at key aspects of the house. Of course, it doesn't have all that a fully survey does, but it is infinitely better than not getting one done at all.

As a first-time buyer, it really is essential that you get a survey done, because you probably won't have the spare cash to cover any defects in the property that will reveal themselves sooner or later if you don't get the survey. Additionally it is estimated that on average a survey picks up around £1,000 - £2,000 of repairs and other defects that are needed on a property: getting the seller to sort these out and pay for them before you purchase the property will more than repay the cost of the survey.

In summary, therefore, it can be seen that you really should get a survey as a first-time buyer: it is simply not worth the risk of not doing so!

More first-time house buying articles:

  1. What to Look For When Viewing a House
  2. What is a Buy To Let Mortgage?
  3. What is a Fixed Rate Mortgage?
  4. What Does Leasehold Mean When Buying a House?
  5. Different Types of Property Explained

 © Clarity Media    |    Copyright and disclaimer    |    My First Property     |     Insurance Details