RICS HomeBuyer Service
This has been designed as an economy service by the Royal Institution of Chartered Surveyors. It is suited to conventional properties that are apparently in a reasonable condition. It is priced mid-range – more expensive and detailed than a Valuation Report, but cheaper and less detailed than a Building Survey. It is produced in a standard format with the main objectives of giving clients the professional advice which will assist them:
|To make a reasoned and informed decision on whether or not to proceed with the purchase,|
|To assess at what price it would be reasonable to purchase the property,|
|To take account of any repairs or replacements the property needs,|
|To be clear what decisions and actions should be taken before contracts are exchanged.|
The report covers the inside and outside of the building, the services and the site and includes:
|details of the general condition and particular features of the property;|
|colour-coded condition ratings for elements of the structure of the building, the services and any garages and permanent outbuildings;|
|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).|
Any defects that the surveyor considers do not need repairing or replacing, or any minor matters that do not affect the value of the property, are generally not included in the report.
The report will include the Market Value of the property and a reinstatement cost assessment of the property for buildings insurance purposes.