Homebuyer Report
A Homebuyer Report is a type of building survey.
Building surveys are a means of providing a detailed evaluation of a property’s condition. They may also be prepared for individual homeowners, home buyers, or for investors in property portfolios to help inform future investments.
HomeBuyer Reports were introduced in 2009, and follow a format specified by the Royal Institution of Chartered Surveyors (RICS). They are sometimes referred to as a Homebuyer Survey.
They are one of three types of survey specified by the RICS, that can be undertaken by RICS Chartered Surveyors:
- Condition Report. The lowest cost option, describing the condition of the property and highlighting any urgent defects.
- HomeBuyer Report. The most common survey, providing more detail regarding the condition of the property.
- Building Survey. The most comprehensive report, intended for larger or older properties, or where major works are being planned, and providing an in-depth analysis of condition and advice on defects.
Homebuyer Reports are intended for conventional, newer homes in reasonable condition. They are not exhaustive studies, but should identify major or urgent issues as well as areas that might be investigated further.
They can be useful for identifying problems or providing reassurance about the possible purchase of a home, and can provide useful information for negotiations, which might result in a reduction of price, or the vendor undertaking repairs.
There are two types available:
- HomeBuyer Report (survey). This includes all the features of the RICS Condition Report and provides advice on defects repairs, and ongoing maintenance.
- HomeBuyer Report (survey & valuation). This includes all the features of the HomeBuyer Report (survey) and also provides a market valuation and insurance rebuild costs.
However, home surveys have been criticised for containing a number of exclusions, such as areas that it was not possible to access, as well as caveats that mean they do not always give the reassurance that was being sought.
[edit] Find out more
[edit] Related articles on Designing Buildings Wiki
- Building survey.
- Consumer Code for Home Builders.
- Energy Performance Certificate
- Ecological survey.
- Ground investigation.
- Home information pack.
- Home report.
- Investment Property Databank (IPD).
- Property valuation.
- Reservation agreement.
- Site appraisals.
- Site surveys.
- Soil survey.
- Surveyor.
- Vendor survey.
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