On 1st July 2009 the RICS launched its revised HomeBuyer Report (HBR) as the benchmark for all level 2 inspections, positioned between a lender’s valuation and the traditional building survey. The standard format of the HomeBuyer Survey is suitable for 'normal' residential properties built within the last 150 years that are considered to be in reasonable condition. A HomeBuyer Survey does not detail every aspect of the property but focuses on defects requiring attention. Therefore, it is not usually suitable for residential properties which are of an unusual construction or that are in need of renovation, or if you’re planning major alterations.
The updated HomeBuyer Survey report is in a crisp modern format and includes unique condition ratings to elements of the building, the services and any garages or permanent outbuildings to indicate whether defects are serious or urgent.
A HomeBuyer Survey is designed to help home buyers:
- make a reasoned and informed decision on whether to go ahead with buying the property;
- make an informed decision on what is a reasonable price to pay for the property;
- take account of any repairs or replacements which the property needs;
- consider what other advice you need to take before exchanging contracts.
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