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A Beginner’s Guide to the RICS Homebuyer Report

September 23, 2020 5:51 pm

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Anyone buying a property will be best advised to obtain their own surveyor’s report In addition to the mortgage company’s valuation. The most commonly used survey report for UK homes is the RICS homebuyer report.

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What Is a Homebuyer Report?

A surveyor instructed to carry out a homebuyer report will visit the property and carry out a detailed visual inspection of it. The surveyor will then prepare a report for the buyer which sets out their expert view of the property’s condition. The homebuyer report format follows an easy to understand ‘traffic light’ rating system which helps the buyer focus on the issues which are most urgent and potentially costly.

The homebuyer report focuses on the issues which are most serious and urgent and therefore likely to affect the property’s value. It will report on the condition of the building and show problems which need to be attended to. It will flag up any issues your conveyancer needs to check, such as guarantees, building regulations and planning for any alterations and extensions.

Your report will give you a market value valuation and the figure for insurance reinstatement that you will need to arrange buildings cover, and you will also get advice on any repairs and ongoing maintenance that will be necessary.

The surveyor will set out details of any issues which may have an impact on the value of the property.

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How Much Does a Homebuyers Survey Cost?

The cost of a homebuyers survey will vary according to the location and price of the property. On average, the surveys will start at around £450. If you are looking for a surveyor to carry out your survey, click here for a homebuyers survey. Given that our homes are the most expensive purchase the majority of us ever make, a relatively small investment in a survey can save you from making a potentially extremely costly mistake.

When Is a Homebuyer Report Suitable?

A homebuyer report is suitable for most reasonably modern and conventionally built properties, including houses, flats and bungalows. It is designed for properties which are in a reasonable condition: if the property is older, larger and/or in a poor condition, then the buyer may be advised to opt for a level 3 RICS building survey instead, which provides for a more in-depth inspection and more detailed report.

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