Survey

D

dv8

Registered User
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hi all,

A friend of mine who is buying a second hand home & is unsure of whether or not to get a survey done.

He is a ftb & the house is 3 years old.

I couldn't give him a definite answer as to what he should do hence this post.

Also out of curiousty when arranging building insurance, should the reinstatement value, i.e. the cost of rebuilding, be based on the valuers report?
I'd assume you would go by the surveyors report if one was carried out but if not would it be the valuers report that you would base this on?
 
The lender will only accept the valuation if the surveyor/valuer is on their panel.
 
The reinstatement value will be determined by the mortgage valuation which is carried out on behalf of the lender although the buyer should get a copy - normally sent out with the mortgage offer. A three year old house should be covered by Homebond against major defects so a structural survey is very much a matter of choice. It can be frustrating to shell out €300/€400 to have a report that tells you the house is absolutely fine but equally it's a relatively small amount if there ARE serious problems with the house. Each to their own.....

Sarah

www.rea.ie
 
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