A Homebuyers Report is an RICS approved service for residential property. It focuses on essential defects and problems which are urgent or significant and thus have an effect on the value of the property, but also includes much other valuable information. A Homebuyer Report, unlike a Building Survey, provides not only the survey itself but also a market valuation of the property as an intricate part of the service. An inspection, the report and the valuation is an economical package which is priced mid-range (more expensive than a mortgage valuation but less than a building survey).
A surveyor’s main objective is to provide a service to assist the respective homebuyer to make a reasoned and informed decision on whether to go ahead and buy a property, take account of any repairs or replacements the property needs and consider what advice you should receive before exchanging contracts.
The surveyor gives condition ratings to the main parts of the property, garage and outside elements. Condition ratings are described below:
- Condition rating 1: No repair is currently needed. The property must be maintained in a normal way.
- Condition rating 2: Defects need repaired or replacing but are not considered to be serious or urgent. The property must be maintained in a normal way.
- Condition rating 3: Defects are serious and need to repaired, replaced or investigated urgently.