RICS HOMEBUYER REPORTS


The RICS HomeBuyer report is a concise, standardised form of survey and valuation report, which concentrates on the more serious defects affecting a property. 

 

Defects are generally grouped in the report into their various elements (eg walls; external joinery; ceilings), rather than individually itemised, and without the fuller description provided in a Building Survey report.

 

The surveyor’s main purpose in providing the service is to help you: 

  • make a reasoned and informed decision on whether or not to go ahead with buying the property;
  • make an informed decision on what is a reasonable price to pay for the property;
  • take account of any repairs or replacements the property needs; and
  • consider what other advice to take before exchanging contracts

The RICS Homebuyer Report is not suitable for larger, older or non-traditional buildings, and is different to a Building Survey in three main ways:

 

  1. It is designed for particular types of home. These are houses, bungalows and flats that are of a traditional type & construction and are apparently in reasonable condition
  2. It identifies what the surveyor considers to be the most important issues. By applying condition ratings to elements of the building, the services and any garages and permanent outbuildings, the surveyor will tell you whether defects are serious or urgent.
  3. It also includes the surveyor’s opinion of the Market Value and reinstatement cost (which you will need for insurance purposes). It focuses on matters that, in the surveyor’s opinion, may affect the value of the property if they are not dealt with.

 

The RICS Homebuyer Reports also includes other valuable information.

 

Please refer to the RICS website for more information on the different types of survey available. You can click on this link to download the RICS guide on property surveys.