The Home Buyers Report and Valuation; home buyers report costs and benefits of home buyers report and other homebuyer costs. Home report cost and what you get for the service.

Home Buyers Report - Costs; How much does a Home Report Cost

This is a property survey report which provides both a mortgage valuation and information on the property itself that will enable a borrower to reach a decision on whether or not to purchase. It is not as detailed as a structural report.

 

Top Tip

The RICS Homebuyer Survey and Valuation includes urgent repairs for which the you should obtain quotations prior to exchange of contracts. It can also be used to re-negotiate the price.

Top Tip

It is easiest, and often cheapest, to ask your mortgage lender to arrange for the surveyor doing the basic valuation to carry out a homebuyer's report at the same time. However, if you prefer, you can find your own surveyor.

Key Fact

The Home Buyers Report is in a standard format and will include a Valuation and a Reinstatement cost for Buildings Insurance purposes all included in the cost of the home buyers report.



Key Fact

A homebuyers report inspection should be carried out no more than five days after you instructed it, and some surveyors will do it even faster. The inspection itself takes between one and two hours to complete, and you should receive the results three to five days later.

The RICS Homebuyer Survey and Valuation
Homebuyers Report Costs

The Home Buyers Report is prepared in a standard format in order to keep costs down. This survey is much more detailed than the basic valuation, and is for your own benefit rather than the mortgage lender's. The main objectives of the home buyers report are to give you the surveyors opinion of those items relating to the condition of the property which are urgent or significant and need action, and to confirm that you are paying a fair price for the property. A home buyers report is likely to be the most appropriate choice if the property that you are buying is built after 1919 of a traditional construction and free from obvious structural defects. If the property is older than this then you should consider a full structural survey.

Areas which are urgent or significant would include subsidence or settlement. The surveyor reports on all visible parts of the property, such as the condition of the roof, pointing out particularly any areas that will need work straight away or at a later date. Further specialist surveys will be recommended if required. While less comprehensive than a full structural survey, a homebuyer's report gives a good indication of the state of the property and its level of repair and maintenance.

The homebuyers report comes on a standard report sheet and is normally between about 8 and 20 pages long. The homebuyers report costs range from about £250 to £500, depending on the price of the house (2010 costs).

The home report cost for an average sized property is around £350 to £450 plus VAT. In addition to buying peace of mind, many buyers find that they are able to recoup the cost of their survey by using it as a negotiating tool in subsequent house price negotiations.