Home Buyer Surveys

RICS HomeBuyer Reports

What should I know about the HOMEBUYER Service?

The Service - the inspection, the report and the valuation - are all explained in detail in the accompanying Description of the HOMEBUYER Service, but the highlights are:

· This is an economy package. Because of the practical limits on the type of property and on the scope of its coverage, the HOMEBUYER Service is priced mid-range - more expensive than a Mortgage Valuation, but less than a Building Survey.

· The surveyor's main objective in providing the Service is to assist the prospective homebuyer to:

* Make a reasoned and informed judgement on whether or not to proceed with the purchase

* Assess whether or not the property is a reasonable purchase at the agreed price

* Be clear what decisions and actions should be taken before contracts are exchanged.

The surveyor also gives his or her professional opinion on the particular features of the property which affect its present value and may affect its future resale.

· The concise report covers the building inside and outside, the services and the site. It focuses on the defects and other problems which in the judgement of the surveyor are urgent or significant, but it also covers:

* the general condition and particular features of the property

* particular points which should be referred to the client's legal advisers

* other relevant considerations concerning, for example, safety, the location, the environment, or perhaps insurance.

Matters which are judged to be not urgent or not significant are in general not included in the report, but the surveyor will mention matters judged to be both helpful and constructive.

· Where the client has a particular concern - perhaps whether the property is suitable for a disabled person - the surveyor will keep this in mind during the inspection. Or, a specific addition to the Service - perhaps to the standard inspection -may be agreed between client and surveyor.

Where necessary, the surveyor may also be able to provide some extra service which is outside the scope of the standard package - perhaps providing a schedule of minor defects (for later discussion with a contractor), or arranging for the testing of mains services by suitably qualified specialists.

· Where the client should take some action before deciding to proceed with the purchase, this is signalled clearly in the text of the report.

The HomeBuyer Report and the Building Survey differ as follows:

	RICS HOMEBUYER SERVICE	BUILDING SURVEY
Type Of Property	Traditional houses, flats, bungalows and so on, in apparently reasonable condition.	Any residential or other property, in any condition.
Type Of Service	A shorter, less detailed report in a standard format.	A detailed report that is tailored to suit your needs.
Aims Of Service	To help you: (i) make a reasoned and informed decision on whether to go ahead with buying the property; (ii) make an informed decision on what is a reasonable price to pay for the property; (iii) take account of any repairs or replacements the property needs; and (iv) consider what other advice you need to take before exchanging contracts.	To give you: (i) a detailed assessment of the condition and construction of the property; and (ii) technical advice on any problems and work needed to put them right.
Special Features	Provides condition ratings for elements of the building, services and any garages and permanent outbuildings.	Provides full details of the property’s construction, materials, uses, defects, and need for future maintenance.
Valuation	Included as part of the RICS HomeBuyer Service.	May be provided as an agreed extra.
Form Of Report	RICS HomeBuyer Report which is a compact, standard format.	In the surveyor’s own format and usually longer, more detailed and technical than the RICS HomeBuyer Report.

 

RICS HomeBuyer Report

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