Types of homebuyer report
A homebuyer report will be carried out by a surveyor. There are three levels of homebuyer report available:
RICS Home Condition Report (HCR) This is the most basic survey and uses simple ‘traffic light’ ratings on key details of the property’s condition. It provides checks on services to the property, such as gas and water, and is best suited to conventional properties and newer homes. No advice or valuation is provided, but the report will highlight any urgent defects or risks. A HCR costs from £250, on average.
RICS HomeBuyer Report (HBR) This is most suited to conventional properties that are in a reasonable condition. The report will highlight problems affecting the property, give advice on repairs and maintenance, plus an estimate of what it would cost to rebuild the property if it were completely destroyed.
You can opt for a report only, or a report and market valuation. An HBR costs from £400, on average, with the market valuation costing another £100 or so.
RICS Building Survey (also known as a Structural Survey) is the most comprehensive survey available and provides a detailed evaluation of a property’s condition. This level of survey is a good idea if you’re buying an older house. It uses a 1, 2, and 3 rating system to identify any serious problems in need of attention, and will provide estimated costs of any repairs, outlining the consequence of failing to address them. This type of survey starts at around £500.