What is a HomeBuyer Report?

Learn about what a HomeBuyer Report includes and find out when you might need one.

What is a HomeBuyer Report?

What is a HomeBuyer Report?

The RICS HomeBuyer Report, a type of property survey recommended for home buyers, replaced the Home Buyer Survey & Valuation in March 2010, having run alongside it from July 2009. The HomeBuyer Report (HBR) is an up-to-date version of the previous Home Buyers Survey & Valuation.

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 - buyers who want to continue using the traditional HomeBuyers Report with the valuation can do so.

The two options:

  1. A HomeBuyer Report with survey: Includes all the features of the RICS Condition Report and advice on defects that may affect the property.

  2. A HomeBuyer Report with survey and valuation: Includes all the features of the RICS Condition Report, plus a market valuation and insurance rebuild costs. It also includes advice on defects that may affect the value of the property.

The Royal Institution of Chartered Surveyors has stated that the HomeBuyer Report is an improvement on the Home Buyer Survey & Valuation due to its more consumer friendly, streamlined format. The HomeBuyer Report was issued as a replacement for the Home Buyer Survey & Valuation, but it is important to note that there are many differences between the two survey types:

  • A clearer layout, so your will be able to find the details you need more efficiently

  • An HBR includes a new section dedicated to the energy performance of a property, bringing the report up to date with home buying reform.

  • Colour-coded, condition ratings of the property are improved and clarified.

  • The HBR has a more professional, modern design

  • The HBR can only be carried out by a highly skilled member of the Royal Institution of Chartered Surveyors.

Both the HomeBuyer Report and the HomeBuyers Report Survey & Valuation are considered to be the intermediate level of property survey available, as they are much richer in detail than a basic Mortgage Valuation but less comprehensive and thorough than a Full Building Survey.

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.


 


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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.

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.

The cost of a HomeBuyer Report

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.
     




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Although both the term ‘Home Buyer Survey & Valuation’ and the survey type itself have not been used officially since March 2010, the existing HomeBuyer Report is still occasionally referred to as a Homebuyers Survey by individuals purchasing a property.

When searching for the intermediate level of house survey make sure that, if the term ‘Homebuyers Survey’ does appear in your search, that it is the HomeBuyer Report you commission as this will be conducted by a professional and experienced member of the Royal Institution of Chartered Surveyors.

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

Updated March 2017

Comments

  • Sheila Bonnick says...

    posted on 05/12/2013 14:14:58

    This service looks good.

  • Mark Emmingham says...

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

    Very very useful

  • Peter Collett says...

    posted on 11/10/2014 08:31:26

    I'd be very careful about a Homebuyers Report. Mine failed to notice there was no hot water provision in the house I was buying, owing to an unworking back boiler (despite the report stating hot water was supplied by a back boiler; a quick look would have shown the thing was not working and had not been working for some time), and that a chimney needs demolishing urgently as it is leaking water into the broken back boiler. With this in mind, the valuation was significantly overestimated (local estate agents advise by about £10-15,000). I for one would never use one of these again, except for a very modern property.

  • Frederick & Sheila Wood. says...

    posted on 06/12/2014 20:31:28

    Report very understandable.

  • Mark Hatton says...

    posted on 20/02/2015 15:32:03

    We have now had two homebuyers' reports and neither has been useful. Sounds good in principle, until you realise that a scale of 1-3 is not adequate, and that surveyors rate most things a 3 and tell you that you should get someone to do a separate inspection of the problem. For example, our first one was for a flat with a communal area. They rated the communal area a 3 as they claimed it needed re-decorating. On our most recent, the sealant around the bath was rated a 3 (along with the very dodgy electrics!). THese things make it very difficult to judge what is actually an "urgent" problem. I suggest you get the cheapest option and then pay a decent builder for an hour to come and walk round the house with you!

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