ABOUT THE RICS HOMEBUYER REPORTThe most common survey is the Homebuyer Report which is a standard format inspection and report carried out by a Chartered Surveyor who is licensed for this service with the Royal Institution of Chartered Surveyors (RICS) and is different to a building survey for example:
The Homebuyer Report is designed for particular types of property and these are houses, bungalows and flats that are of a traditional type and construction and are apparently in reasonable condition.
- 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.
- It 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.
- Any particular points you should refer to your legal advisers, specific risks associated with the property.
- Other relevant considerations – for example, the location, the local environment and the energy performance of the property (if this information is available).
The RICS says the new format is an improvement on the old HSV format in as much as it is easier to read, more streamlined and generally more consumer friendly. It is less comprehensive than a Building Survey but more comprehensive than a simple Valuation.
What are the benefits of a Homebuyer Report?
- Includes a valuation and reinstatement valuation for insurance purposes
- Colour coded condition ratings make it easier to interpret the condition of various elements of the property.