The RICS (Royal Institution of Chartered Surveyors) introduced the new RICS HomeBuyer Report (HBR) in July 2009. Often called the “HomeBuyers Survey” or “HomeBuyers Report”, the RICS HomeBuyer Report focuses on highlighting matters concerning the subject property which could negatively affect its value – chiefly including building and structural defects.
Upon receipt of the report, the client is then able to make an informed decision about whether to go ahead with the purchase, negotiate the price or pull out altogether.
Whilst the RICS HomeBuyer Report may not be as detailed as other services like the House Purchase Survey Report (HPSR) or the RICS Building Survey, this type of report certainly has a place in the market and can be a very cost-effective solution for modern properties of a standard build type. It provides a simple to read and concise report designed to be user-friendly with clarity and transparency in mind.
“The HomeBuyers Report is unsuitable for properties constructed in or before the Victorian period and is limited in some aspects regarding the depth of detail which can be included.”
In summary then, a HomeBuyer Report is a survey suitable for conventional properties in reasonable condition and newer homes.
What exactly does it involve?
Our qualified surveyors will inspect the property to help you find out if there are any structural problems, such as subsidence or damp, as well as any other unwelcome hidden issues inside and outside. The HomeBuyer Report includes a property valuation as well as the insurance rebuild cost. The report shows the condition of the property and offers guidance to legal advisors and highlights any urgent defects.
The Report is designed to be user friendly with the minimum of technical jargon. The Report has a colour coded Condition Ratings system. The surveyor rates each element of the property using one of the following Condition Ratings:
Is your home suitable?
If you are considering buying or selling your home and it meets the criteria above, get in touch to talk to a surveyor today. Don’t worry if you are unsure, that’s what we are here for.
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