The RICS HomeBuyer Service includes an inspection, a report and a valuation, and these are all explained in detail in the ‘Description of the RICS HomeBuyer Service’ we will give you. The RICS HomeBuyer report is a standard format, and is different to a building survey in three main ways.
- It is designed for particular types of home. 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 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 report also includes other valuable information.
It is an economical service. Because of the practical limits on the type of property and what the service covers, the RICS HomeBuyer Service is priced mid-range – more expensive than a mortgage valuation, but cheaper than a building survey. 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 if the property is in England, Wales, Northern Ireland, the Channel Islands or the Isle of Man or concluding an offer if the property is in Scotland.
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;
- 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.
If you have a particular requirement that you would like us to consider, you should discuss this with the relevant surveyor before they undertake the survey. To discuss your survey requirements please contact us.