Open Nav

Home Movers

More Information On Your Home Movers Mortgage

Planning on moving house? You may require a home mover mortgage. Moving house is a great opportunity to reconsider your current mortgage and look for a better deal. However, your mortgage options will vary depending on the value of your new property.

Read up on your options or book a friendly call with one of our mortgage advisors to find out which option is right for you.

Posted On: January 26, 2022

Difference Between HomeBuyer Report or Building Survey?

When buying a property, you’ll typically need to have surveys done. This will help bring any issues to light and help you determine whether the asking price for the property is reasonable. If key structural issues come to light from the survey then you may want to negotiate the asking price or request that the repairs are completed before going ahead with the sale.

Two key types of residential property survey include the HomeBuyer Report and Building Survey. But what’s the difference? And, how do you know which one is right for you? We’re revealing all in this helpful guide.

What’s the difference between a HomeBuyer Report and Building Survey?

The main difference is that a Building Survey is a lot more comprehensive than a HomeBuyer report. It’s also more expensive. But the cost can be worth it to prevent discovering costly issues after the house sale has been finalised. Unlike the HomeBuyer Report, a Building Survey can also be adapted to suit your preferences. In other words, you can request that certain elements of the property are inspected and included in the final report.

Which one do I need?

HomeBuyer Report:

Also known as a Level 2 Survey, the HomeBuyer Report follows a specific format. It’s recommended for properties that match the following criteria:

  • Modern builds or less than 100 years old
  • Are of more conventional design and built with traditional materials
  • Appears in a reasonable condition

The HomeBuyer report uses an easy to understand traffic light rating – this makes it easy for you to see problem areas. Some of these reports may include a property valuation.

Building Survey:

A building survey, also known as a Level 3 Survey, is the most detailed home survey you can get. While this type of survey is suitable for all properties, you may prefer to opt for this type of survey if:

  • The property was built over 100 years ago
  • There have been major extension or alteration works OR if you’re hoping to make future alterations
  • The property is on the larger side
  • The property has non-traditional construction

The Building Survey report will include detailed advice on defects, repairs and maintenance options. You can also request an estimate of repair from the surveyor. If stated by the surveyor, you can also get a property valuation.

Need a mortgage to buy a residential property? Speak to Agentis today to arrange your free initial consultation with a trusted mortgage broker.