What is a HomeBuyer Report? - Previously the Homebuyers Survey
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).
As of 2016, the RICS introduced a new HomeBuyer Report without a valuation. This has the same components as the standard HomeBuyer Report, but without the valuation and reinstatement cost. It now means that RICS members do not have to be registered valuers to conduct surveys and that the market valuation part of the report is now optional.
The RICs have done this by providing two different reports, one with the valuation section (the same report as before) and one without. Buyers who want to continue using the traditional HomeBuyers Report with the valuation can do so.
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 (optional as of Autumn 2016).
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.
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.
The cost of a HomeBuyer Report
If you have any concerns about the property you are purchasing, then a HomeBuyer Report is definitely worthwhile.
The average cost of a HomeBuyer Report starts from £400.
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.
Why do I need a HomeBuyer Report?
A HomeBuyer Report may seem like another expense, but the benefits are that:
- It will give you peace of mind if any problems are identified before you buy a house.
- The survey can allow for the reopening of negotiations with the house seller on the price.
- You could agree with the house seller that they complete any repairs before you move in.
- You may wish to rethink your purchase of that property.
- You can budget for any repairs that need to be carried out.
Here is our directory of Chartered Surveyors on reallymoving.com.
Last reviewed December 2016.