What is a HomeBuyer Report?
A HomeBuyer report, also known as a Home Buyer survey, is carried out by an RICS qualified surveyor. This type of survey looks at any visible defects and the surveyor aims to comment on the condition of the property, both internally and externally. The aim of a HomeBuyer Report is to bring to light any defects in the property, so that you, as a potential buyer, can make an informed decision about the purchase. This type of report includes a property valuation.
How can a HomeBuyer Report help me?
It can help you to:
- Identify potential problems and serious issues with the property
- Negotiate a better property price
- Easily understand issues with a ‘traffic light’ rating system
- Be prepared for additional costs if you continue the purchase
- Make a reasoned and informed decision as to whether to proceed, reconsider or renegotiate on the purchase
For example, if your report findings indicate damage to walls which would require repair costing £4000, it would be reasonable to reduce your offer by £4000, or pull out of the purchase altogether.
The Home Buyer survey will be carried out by a local, expert, independent and RICS qualified property surveyor.
What kind of property is the HomeBuyer Report best for?
The HomeBuyer Report is a general survey of a property, remarking on any visible issues or defects. If the home being surveyed is of standard construction and was built after 1930, the Royal Institution of Chartered Surveyors (RICS) recommends that the HomeBuyer Report is the most suitable survey to order. The report is delivered in a standardised format for easy reference.
Did you know: 47% of homebuyers said a home survey uncovered problems they were not aware of from viewings alone, according to the Which? Home Movers Survey 2016
What can I expect to see when I get my report?
When you receive your report, within 3-5 days of the survey being carried out, you can expect:
- A valuation of the property
- Details of major faults in accessible areas
- Urgent problems which require attention
- Observations of woodworm/rot, damp, and subsidence
- Surveyors overall summary of property condition
- Estimate for rebuilding the property
Property condition ratings
Your RICS HomeBuyer Report will feature 3 condition ratings to evaluate and describe the condition of the property and how urgently it needs repairing. These ratings are displayed in an easy to understand ‘traffic light’ colour system, helping you to reach an informed decision.
Why use Smith Heritage Surveys?
We provide local independent advice on a range of building types. We offer walk around services as standard and give feedback in person on potential issues and allow you to answer questions about your home purchase at no extra charge.