What is a HomeBuyer Report?

Get the facts on what a HomeBuyer Report includes.

What is a HomeBuyer Report?

What is a HomeBuyer Report?

The HomeBuyer Report, previously known as the Homebuyers Survey and Valuation (HSV) and often still referred to as a Homebuyers Survey, was introduced in 2009 and is completed within a standard format as laid down by the Royal Institution of Chartered Surveyors (RICS).

The HomeBuyer Report is recommended for conventional, newer homes, which are in reasonable condition. It is the most frequently undertaken survey which provides a more in depth report of the condition of the property and will give you professional advice to allow you to make an informed decision of whether to go ahead with buying a property.

The HomeBuyer Report will not detail every single aspect of the building, but it does spotlight urgent matters that have a substantial effect on the value of the property and need attending to or further investigation. It will include all major sections of a property that are visible to the surveyor, so they will not lift up floors or carpets and wiring will not be included.

HomeBuyer Reports are completed by RICS Chartered Surveyors. To get the expert and independent advice a Chartered Surveyor can offer, you can compare quotes from professional and experienced surveyors here at reallymoving.com.
 
If you have a property that is in need of renovation or that you intend to alter, we recommend you commission the more comprehensive Building Survey from a RICS Chartered Surveyor.

What is included in a HomeBuyer Report?

The HomeBuyer Report includes details of:

  • A current valuation of the property as for the open market.

  • Background information on the property and location.

  • An estimate for the cost of re-building the property for insurance purpose.

  • An assessment of any damp-proofing, drainage or insulation in the building. Drains are not tested.

  • Condition of the building’s timbers and checking woodworm or rot.

  • Damp test results taken from the walls.

  • Details of urgent problems which should receive specialist attention before signing a contract.

  • Details of major faults in easy to get to parts of the property that may affect its value.

Although a summary of the survey will be present at the front of the report and a reminder of the urgent repairs will be at the end, it is always worth reading the report in full. The HomeBuyer Report is easily understood - written in plain English rather than technical jargon.

Condition Ratings

The RICS HomeBuyer Report has 3 condition ratings to evaluate and describe the condition of the property and how urgently it needs repairing. The conditions are defined by RICS as:

  • Condition Rating 1 – no repair currently needed.

  • Condition Rating 2 – defects that need repairing or replacing but are not considered to be serious or urgent.

  • Condition Rating 3 – defects that are serious and/or need to be repaired, replaced or investigated urgently.

If a surveyor reports findings that may be costly to remedy it can allow for the reopening of negotiations with the house seller on the price or you may wish to rethink your purchase of that property.

By comparing quotes from surveyors for a HomeBuyer Report you can get a professional inspection at a cost-effective price, as the trained eye of a surveyor will spot those potential issues that you would not be aware of. All of the surveyors on reallymoving.com are regulated by the Royal Institution of Chartered Surveyors.

Here is our directory of Chartered Surveyors on reallymoving.com.

 

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  • Mark Emmingham says...

    posted on 20/01/2014 22:06:01

    Very very useful

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