What is a HomeBuyer Report?
The RICS HomeBuyer Report provides a reliable and cost effective report providing clear and concise advice regarding any serious problems and specific defects that need to be identified before you commitment to the purchase of a residential property.
A RICS HomeBuyer Report is fully backed by the Royal Institution of Chartered Surveyors and can only be undertaken by a RICS qualified Chartered Surveyor.
When is a RICS HomeBuyer Report used?
This is the ideal choice of survey if the property you are interested is:
A conventional house, flat or bungalow
Over 20 years old.
What does a RICS HomeBuyer Report include?
The report provides the following information:
A thorough inspection of the property, outbuildings and grounds.
The report is structured in a condition-rating format identifying problems requiring various levels of attention.
The condition ratings are between 1 and 3. Condition rating 1 is where no repair is currently needed though the property must be maintained in the normal way. Condition ratings 2 are defects that need repairing or replacing but are not considered to be either serious or urgent. Condition rating 3 defects that are serious and/or need to be repaired, replaced or investigated urgently, sometimes before your commitment to purchase.
The report also includes risks associated with the condition of the building
The surveyor's professional opinion of the 'Market Value' of the property is given
An insurance reinstatement figure for the property
Identification of any problems the surveyor considers may affect the value of the property
Advice on required repairs and ongoing maintenance
Details of guarantees, planning and building control issues for your legal advisor
Why should I have a RICS HomeBuyer Report?
These reports are very useful for those considering buying a property, as they focus on building defects and issues that are likely to have an effect on value.
It allows you to make an informed judgement on whether or not to proceed with the purchase
Allows you to assess if the property is a reasonable purchase at the agreed price
Highlights any decisions and actions that should be undertaken before contracts are exchanged
Assists you in predicting if any future maintenance costs and an ongoing repair programme