|
Home Condition Reports and Surveys
A Home Condition Report (HCR) is an entirely new product in the property market. Introduced in the 2004 Housing Act, it is an easily-understood survey, prepared specifically so that Homeowners and Homebuyers can determine the condition of a particular property. It can only be prepared by a Certified Home Inspector. Originally designed with the intention of enabling the Vendor to provide a survey alongside the Energy Performance Certificate or 'EPC' (which is now mandatory), it is now possible for Homebuyers to commission the report independently of the EPC. This is called a Home Condition Survey.
The intention of these surveys is to provide an objective and unbiased report of the property's condition (as opposed to the value). Equally importantly, the reports provide a full reinstatement estimate, which give owners or prospective purchasers the cost of rebuilding the property for insurance purposes.
Within the reports, each part of the building is given a specific rating (termed a Condition Rating):
- No repair is currently needed. Normal Maintenance must be carried out
- Repairs or replacements are needed, but the Inspector does not consider these serious or urgent
- These are defects that are either serious and/or require urgent repair or replacement
