Homebuyer Report
The Royal Institution of Chartered Surveyors (RICS) homebuyer service is in a standard format and is designed specifically as an economical survey and is a cost-effective way to minimise risk.
The homebuyer report focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property. The homebuyer report, unlike a building survey, provides not only a survey but also a valuation as an integral part of the service.
This type of report is more detailed than the mortgage valuation, which most people choose to commission, and is normally instructed by residential purchasers for the own use, in order for them to:
- Make a reasoned and informed judgement on whether or not to proceed with the purchase.
- Assess at what price it would be reasonable to purchase the property.
- Be clear what decisions and actions should be taken before making an offer to purchase.
Our Surveyors will also provide a professional opinion about the particular features of the property which affect its present value and may effect its future re-sale.
The report format is standard, compact, and easy to understand. It covers the building inside and outside, the services and the site. It focuses on the defects and other problems which the Surveyor judges to be urgent or significant and also covers the following:
- General condition and particular features.
- Particular points which should be referred to your legal advisors.
- Other relevant considerations concerning, for example, safety, location or perhaps insurance.
Matters which are judged not to be significant are generally not included in the report. Though where necessary, the Surveyor may also be able to provide an additional service which is considered outside the scope of the standard package, perhaps for a schedule or minor defects for later discussion with a contractor.
Internally, the condition of service installations, such as wiring and drainage and central heating, will also be examined but not tested.
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