Are you thinking about buying a home? If so, you may have heard of a Homebuyers Report. But what is it? A Homebuyers Report is a document that outlines the condition of a property. It covers things like the state of the structure, any repairs that need to be made, and other important information for potential buyers.
In this blog post, we’ll give you an overview of Homebuyers Reports so you can make the best decision for your needs:
- What is a Homebuyers Report?
- What is included in a Homebuyer Report?
- What happens if your surveyor finds an issue?
- What does a Homebuyers Report do for you as the buyer?
- Who should order a Homebuyers Report?
- Where to find a surveyor
What is a Homebuyers Report?
The Homebuyers Report (also known as a Level 2 RICS Home Survey or Building Survey) is an in-depth summary of a property that provides prospective buyers with detailed information about the condition of the building. It is typically carried out by a qualified surveyor or other professional and can include external inspections, investigations of internal spaces such as hallways and staircases, structure testing, and evaluations of insulation layers.
Used correctly, it allows buyers to fully assess the condition of their proposed new home before committing to purchase, enabling them to make an informed decision on whether the property is suitable for their needs.
What’s the difference between a Homebuyers Report and a Building Survey?
A Homebuyers Report is a concise report on the condition of a property, designed to give potential buyers an overview. It focuses primarily on providing advice and information about major defects that affect the condition of the property, whereas a Building Survey (also known as the Level 3 Survey) is more comprehensive. It gives greater detail about the condition of all areas of the building, highlighting any unusual features or potential risks and providing plenty of recommendations for repair. Its level of detail makes it far more suited to historic properties or buildings with complex structures as it takes into account both internal and external areas, as well as outbuildings if they are part of the sale.
What’s the difference between a Homebuyers Report and a Condition Report?
A level 1 Home Survey is the most basic type of inspection and typically involves a visual assessment of all accessible areas of the property. This kind of basic survey examines any visible defects, such as movement in walls or cracks in floors, and may involve testing of drains as well. In comparison to this, a level 2 Home Survey covers all the points available in a Level 1 inspection but goes further into more detailed checks. For example, it includes greater coverage on potentially hazardous materials like asbestos, an electrical senses test and moisture tests on external walls.
Through more extensive surveying processes, a Level 2 Survey provides deeper insight into issues facing the property and invaluable guidance to property buyers before signing a purchase agreement.
What is included in a Homebuyer Report?
A Homebuyers Report will include a lot of detailed information about the property you are considering, such as information on the structure of the building, any repairs that may need to be made and other important details such as drainage and wiring systems.
Other things that the Homebuyers Report covers are:
- Background information on the house and location
- An estimated cost of re-building the property for insurance purpose
- An assessment of any damp-proofing, drainage or insulation in the property
- The condition of the building’s timbers and checking woodworm or rot
- Damp test results taken from the walls
- Details of urgent issues which should receive specialist attention before signing a contract
- Details of major faults in accessible parts of the house that may affect its value
The report will also provide advice on potential repairs or renovations required within a predetermined time frame. That way, you will be able to identify any problems that may need attention before you commit to buying the property.
What happens if your surveyor finds an issue?
If your surveyor finds an issue in their report, you may be able to negotiate a reduction in the purchase price of the property or get the seller to cover any repair costs. It’s important to remember that a Homebuyers Report is not a guarantee, so it’s best to consult with a professional before making any decisions about what course of action to take.
Property surveys typically uncover a few problems, particularly with older homes. If you have any doubts or worries, feel free to discuss them with the surveyor prior to their inspection. Normally, your surveyor will be happy to answer questions regarding the report after it has been delivered – making this an opportune time for follow-up inquiries.
Some of the most common things you might want to investigate are:
- Issues with the roofing
- Central heating
- Structural problems which may need an engineer
If you find any of these issues you may need to take further action, such as:
- Ask them the cost of fixing these issues
- Get a quote from a builder/ professional for major works
- Renegotiate the asking price or ask the seller to fix the issues before you sign the contract
What does a Homebuyers Report do for you as the buyer?
A Homebuyers Report is an invaluable assessment for any serious buyer. It gives them detailed insights into the condition of the property, from a structural integrity point of view and beyond. Surveying professionals such as RICS surveyors have extensive training in gathering information on a building’s condition, and communicate this thorough, easy-to-understand reports that explore anything from issues with damp ingress to energy efficiency.
They also offer practical advice about repair works or further investigation for peace of mind – so it makes sense to commission one as soon as you decide to buy a property. You never know what surprises may be lurking under the surface which could drastically affect the value of your purchase – so it pays to invest in such protection. Ultimately, a Homebuyers Report is an invaluable tool when making one of the biggest decisions of your life.
Who should order a Homebuyers Report?
A Homebuyers Report is an invaluable tool for anyone looking to purchase a property. While not legally required, it can provide essential information about a property’s condition, cutting out the risk of unintentional surprises.
Any property owner investing in a prospective new home should consider ordering a buyers report before signing any contracts, and have the peace of mind that their investment is sound.
Where to find a surveyor
Finding a reliable surveyor is not always an easy task, but it’s important to remember that they are the experts in their field and can offer invaluable insight into the condition of a property. A good place to start is by checking local directories and asking around for recommendations from friends, family or colleagues.
Make sure you ask any prospective surveyors about their qualifications and experience in the industry, as well as what services they offer. And don’t forget to read online reviews – these will give you an insight into other people’s experiences with them so you can make an informed decision. With all this information at your fingertips, you’ll soon have peace of mind when it comes time to take the plunge on your new home.
In summary, a Homebuyers Report is a survey which assesses the condition of a property. The report will identify any major problems with the property as well as flagging any areas which may cause concerns in the future. Homebuyers Reports are not legally binding but they can give you an idea of what to expect if you do go ahead and purchase the property. If your surveyor does find any issues with the property, they should be able to advise you on how to best deal with them.
Ultimately, a Homebuyers Report is designed to give you peace of mind during what can be a stressful time. It is important to remember that although the report is thorough, it is not as exhaustive as a Level 3 home Survey and there may still be some surprises down the line. However, a Homebuyers Report is a great choice for anyone looking to purchase a new property and can help you identify any potential problems with the property before you sign the contract.
Get a RICS Home Survey for First Time Buyers Today
Getting a Homebuyers Report from a RICS surveyor at CJ Bloor is the best way to ensure peace of mind during your purchase. With years of experience and training, our expert surveyors are certified and accredited by RICS (the Royal Institution for Chartered Surveyors) and have been trained to a high standard, giving you confidence in their ability.
They will be happy to answer all of your questions and provide you with an accurate report. What’s more, we offer free quotes and advice without any obligations or pressure!
Contact us today for more information about how we can help make sure that you get the best possible Home Survey and hassle-free buying experience.