The homebuyer report is the mid level RICS survey, sold under a trade name that has outlived several rebrandings. It exists because most buyers of a conventional house need more than a lender's valuation and less than a full building survey, and it is written in a structured format so that two reports on two houses can be compared.
The format
Condition ratings against each element, a summary of the items that matter, commentary on defects and their implications, and advice on maintenance. Photographs are referenced to the text. The structure is what makes it quick to read.
What it adds over a valuation
A valuation is a figure for a lender. The homebuyer report is a description of the building for you, with ratings, explanations and recommendations. They answer different questions and only one of them is addressed to you.
The optional valuation
Many firms will add a market valuation and a reinstatement cost for insurance. Ask for it at the point of instruction if you want it, because adding it later can mean a second visit. Where a lender has already valued the property, a second opinion of value is often unnecessary and the fee is better spent on the level above.
Where it runs out
It does not investigate, so where a defect needs a cause rather than a rating, it will recommend a further report. On an old or altered building that recommendation arrives often enough that the level above is usually the better buy.
Questions people ask about homebuyer report survey
Is a homebuyer report the same as a home buyers survey?
Yes. They are two names for the mid level RICS survey, and firms use them interchangeably.
Does the homebuyer report include a valuation?
Only if you ask for it. It is an option on the mid level report rather than part of it.
What does a surveyor's home buyers report cost?
It is priced on the property's size, age and location and on whether a valuation is included. Give three firms the same details and the range answers it for your house.