Visa, Visa Delta, Visa Electron, MasterCard, Maestro, Solo

The HomeBuyer Report explained

Monday, 18 March 2019  |  Admin

When you buy a property it is always a good idea to arrange for a HomeBuyer Report to be prepared by a member of the Royal Institute of Chartered Surveyors (RICS).

The HomeBuyer Report is more detailed than a mortgage valuation, which is only concerned with assuring your lender that the property is sufficient security for their loan.

The HomeBuyer Report gives information about the condition of the property and should highlight any areas that need attention.

What the HomeBuyer Report will contain

The report will include details of the following:

  • An open market valuation (optional)

  • General information about the property and its location

  • An estimate of rebuilding costs for insurance purposes

  • Assessment of any damp-proofing, drainage or insulation (but no testing of the drains)

  • Damp test results

  • A list of points requiring urgent attention

  • Details of major faults

It should be noted that the surveyor will only look at visible parts of the property. This means that for example faults beneath the flooring, behind walls or in drains will not be included.

What to do with the HomeBuyer Report results

The report will rate the property’s condition with one of three ratings. Condition rating 1 means no repair needed, rating 2 is for defects that need repairing or replacing but are not considered serious or urgent and rating 3 is for defects that are serious and/or need urgent repair, replacement or investigation.

If you are unclear or concerned about any points in the report, ask the surveyor to explain it them.

You should then obtain quotes from qualified professionals for the work needed to rectify any problems.

Contact the estate agent, sending copies of the quotes, and ask to renegotiate the price to take account of the required expenditure.

You will be in a good bargaining position as it is likely that any future buyer will also come up with the same problems on their HomeBuyer Report.

Cost of a HomeBuyer Report

Fees start at around £400 for a HomeBuyer Report. It is always worth investing in one as it should mean you can avoid nasty and expensive surprises down the line and also reduce the price you pay. You will go into the purchase knowing exactly what work needs to be done and be able to plan accordingly.

Latest News
Monday, 15 July 2019  |  Admin
Is it cheaper to rent or buy?

With steep house prices and numerous associated buying costs, is there any merit in renting a property instead?

Landlord and tenant website Bunk has assessed the expense of buying and renting a home over a 10-year period in the UK to compare the costs across different towns and cities.


Monday, 8 July 2019  |  Admin
How to effectively search an online property portal to find your perfect home

It is easy to get lost wandering round numerous property websites without accomplishing anything. We look at the most efficient way to approach an online property search.

Websites offering properties for sale can seem overwhelming, with literally thousands of homes vying for your attention. But used strategically, property portals can help narrow your search and identify the best homes to view.


Monday, 1 July 2019  |  Admin
Best home improvements to add value to your property

As the housing market has slowed in the current political and economic situation, more home owners are choosing to carry out improvements rather than move house.

Insurer Hiscox says that those choosing to work on their current home rather than move has increased by 12 percent over the last five years and stands at around four million.


SureMove Property LAwyers