What is a HomeBuyer Report?

Homebuyer reports were formally known as Homebuyers Survey and Valuation, after being introduced in 2009, and are classified as level 2 type of service. Level 2 type of service means that the degree of inspection and detail of report is more comprehensive than a RICS Condition Report, which is a level 1 type of service.

Homebuyer reports are prepared according to the standards and regulations laid out by RICS (Royal Institution of Chartered Surveyors). Its rating system is based on colour coding comprising of Red, Green and Amber, which highlights the urgency of matters that have great impact on the property’s value and that require evaluation or further investigation. These reports cover all the essential and major aspects of the property that a surveyor can evaluate, but they are not allowed to forcefully open the fabric of the building.

A RICS homebuyer report assists in:

• Taking into account any kind of major or minor repairs and replacements that the property requires.
• Making an informed decision of buying a property or not.
• Bringing out the reasonable price to pay for a subject property.
• Advising a good solution which a buyer may consider before committing the purchase of a property.

Condition Ratings

The condition ratings for describing the condition of a property are as follows:

• Condition Rating 3 – Ithighlights the defects that are serious and require urgent replacement, repairing or investigation.
• Condition Rating 2 – It highlights the defects that are present in the property, but they are not serious or do not require urgent repairing or replacement.
• Condition rating 1 – It indicates that no repairs or replacements are needed. Only the property should be maintained in the standard way.
• NI – Not Inspected.

What is Included in a HomeBuyer Report?

A RICS homebuyer report includes:

• Details regarding the property’s type, age, location, and accommodation.
• Details regarding the energy efficiency of the property.
• A complete summary and professional opinion of the condition ratings indicating the condition of the inside, the outside, the grounds and the services done within the property.
• An external assessment of the major areas including outside doors, windows, roof coverings, chimney stacks and other areas.
• An internal assessment of the major areas including ceilings, floors, roof structure, bathroom fittings, and other areas.
• A current valuation of the property as per the market.*
• An estimate of costs of rebuilding and repairing of the property for insurance purposes.

*To be requested at point of enquiry.

When You Should Consider a HomeBuyer Survey Report?

The RICS homebuyer survey is ideal for those who are willing to buy a conventional home, bungalow or flat which is built using common building material and is in moderate condition. You should consider this level type of service when you need advice and inside information regarding the construction, repairs and overall condition of the property.

If you need more information regarding HomeBuyer survey reports or want to hire a qualified and professional Chartered Surveyor, then call Riley James Surveyors today on 0161 885 2364 / 01663 721717.