Buying a property requires a lot of knowledge to make an informed decision. Depending on the type of property you’re purchasing, you can get a property survey that details the condition of the building and other valuable information.
One of the most comprehensive surveys you can get is a Homebuyer Report, also known as a RICS Level 2 Survey.
What is a Homebuyer Report?
A Homebuyer Report is a survey carried out on a house, flat or bungalow which are conventional in style and construction. A Homebuyer Report is suitable for properties that are less than 100 years old, where otherwise a Building Survey would be the most appropriate.
The intention of a Homebuyer Report is to help you make an informed judgement on whether to go ahead with the purchase, whether the agreed price is fair, and to know what action to take before exchanging contracts.
The surveyor will give their professional opinion on the features of the property that affect its value and might affect the potential of a future resale.
The Homebuyer Report highlights any problems or defects with the property that are urgent or significant, according to the surveyor. The concise report covers the inside and outside of the property, the services, and the site that the property is on.
What does a Homebuyer Report include?
The Homebuyer Report focuses on defects, general condition, features and other considerations such as safety, location, environment and insurance. Here’s a more in depth look at what a Homebuyer Report includes:
- Introduction to the report – Outlines the intention of the Homebuyer Report and what it will help you with.
- About the inspection – Details of your professional surveyor, the date and time, and other information about the survey.
- Overall opinion and summary of the condition ratings – The surveyor’s overall opinion of the property, its condition and market value. It also summarised the condition ratings of different elements of the property.
- About the property – Outlines the details of the property including the type, date of build, number of rooms, mains services, and the local environment.
- Outside the property – Describes the external features of the property such as the chimney, extension, main walls, doors and windows. It also gives a condition rating for each element.
- Inside the property – Describes the internal features of the property including the ceilings, walls, floors, fireplaces, and bathroom fittings. It also gives a condition rating for each element.
- Services – Regards the quality of the services in the property. For example, electricity, gas, water, heating, water heating and drainage. Again, this section gives a condition rating for each service.
- Grounds (including shared areas for flats) – Explains the general condition of the grounds of the building, as well as features like the garage or outbuilding.
- Issues for your legal advisers – Identifies issues detected during the survey that your legal advisers may want to investigate further. For example, whether there’s a warranty covering replacement windows.
- Risks – Summarises defects and issues that cause a risk to the building, grounds or people. The issues may have already been highlighted in the condition ratings, but this will give a general overview.
- Valuation – Gives the surveyor’s opinion of the market value on the date of the inspection, and the current reinvestment cost of the property. The surveyor will explain how they arrived at the valuation and the assumptions made based on this.
- What to do now – A detailed section giving you guidance on what to do with the Homebuyer Report now that you have it. This could be getting quotations, further investigations and when to do the repair or replacement work.
If you’d like to see an example of a full Homebuyer Report, view the report here.
How can you get a Homebuyer Report?
You can get a Homebuyer Report from a reputable and experienced property surveyor and valuer. It’s crucial that you work with a professional surveyor who will carry out a thorough survey of the property and produce a detailed report.
You should be aware that a Homebuyer Report is more detailed than a standard property valuation, therefore is typically more expensive. It’s less expensive than a Building Survey, which is a longer and more comprehensive report.
At London’s Surveyors and Valuers, we have a team of 12 surveyors with over 200 years of combined experience. We can deliver bespoke Homebuyer Reports that give you the knowledge and information you need to make informed decisions about your property.
Get in touch with us to discuss your requirements.