Glossary - Home Buyers Report

Homebuyers Report is a survey of the properties condition.
A homebuyers report is a service that is paid for by the consumer to establish the condition of the property before it is purchased. A surveyor visits the property and inspects it, the surveyor only inspects the areas that are accessible or visible. The surveyor then writes a report about the property and also includes a basic valuation.

Example: Homebuyers Report Survey

Although the cost of the report may vary the content should stay the same and cover all these basic points:

• The present condition of the property
  This covers the interior and the exterior of the building and the local area of the property.
• Any major defects or positive attributes
  Emphasis is placed on any features that can affect the present value or that may hinder the property when trying to resell.
• Any recommendations for future maintenance
  This report section will give attention to work that needs to be done immediately or in the near future to the property.
• Legal guidance issues
  Any points or issues that the property has should be discussed with the customer’s solicitor.
• Any further relevant matters that need to be taken into account
  Anything that they feel is helpful or constructive will be mentioned by the surveyor and they will point out anything that they feel may require further investigation.
• Basic Valuations
  Current market value of the property.

Useful Tip
A mortgage lender can normally arrange a home buyers report with a valuation report included. It can be a cheaper option to instruct a surveyor separately.. You will be able to find a list of surveyors on the web or any directories.

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