An HomeBuyer Report, or a homebuyer’s report, is a survey recommended for homebuyers in the UK. In March 2010, it replaced the Home Buyer Survey and Valuation.
Why Do I Need A Homebuyer’s Report?
A homebuyer’s report helps home buyers make an informed decision regarding their house search.
Reasons to Get a Homebuyer’s Report:
- You can buy a house with confidence
- With the information at hand, you could change your mind regarding the purchase
- The results may give you a chance to renegotiate the property price
- The property seller may complete the repairs themselves
- You may wish to rethink your purchase of that property
- You will become fully aware of how much you may spend when you move on repairs, allowing you time to set a budget
What is Included in a HomeBuyer Report?
- Background information on the location and property
- Cost estimation of re-modelling and building
- Property assessment – insulation, drainage, timber, woodworm, and rot.
- Damp test results taken from the walls.
- Highlights of urgent issues
- Energy performance section
- Property’s condition ratings
- A clear and understandable layout and design in the report
The finalized homebuyer’s report is easy to understand. The surveyor will communicate all with you.
How Does the HomeBuyers Report Evaluate the Condition of the Property?
The surveyor will use three condition ratings to translate the property’s condition and the potential repairs that are needed.
- Condition Rating 3 – Urgent repairs are needed
- Condition Rating 2 – Defects discovered for restoration but nothing serious
- Condition Rating 1 – No repairs necessary
How Much is a Homebuyer’s Report?
On average, homebuyer reports cost around £500. Many property buyers question if it’s worth investing in a homebuyer’s report, and the answer is yes.
Homebuyers usually even opt for a full (structural) building survey.
Changes Made by RICS for the Homebuyer’s Report
Before 2016, homebuyers had to get a valuation for the report, but since then, RICS introduced a new one without a valuation requirement.
This particular homebuyer report has the identical workings as the standard homebuyer report mentioned… the only difference is that home buyers no longer need to spend the extra cost for a valuation.
A homebuyer’s report is always carried out by an experienced surveyor.
What’s the Difference Between the HomeBuyers Report and the Previous HomeBuyers Report Survey & Valuation?
Firstly, the points above have been improved in the new homebuyer’s report.
Both versions of the homebuyer’s report are measured as an intermediate level of property survey available.
The reports are less thorough and inclusive than the Full Building Survey (Prince Surveyors Chartered Surveyors). The homebuyer report doesn’t cover all facets of the property, though it does highlight important issues.