RICS Homebuyers Survey
What is a Homebuyers Survey?
A RICS Survey is quite simply an economy report for properties such as purpose built and converted flats, houses, bungalows and maisonettes, and will confirm any urgent or significant defect with a valuation using a traffic-light system.
RICS also produce a standardised Homebuyers Report which is ideal when you wish to discover the physical condition of the property you’re about to purchase. This report will highlight any major problems there may be with the property with the added benefits of not costing quite as much as a full building survey.
The report will also give you good indication of what you should look out for in the future. A homebuyers report is also far more detailed than a basic mortgage valuation. The lender's valuation is not a report on condition and is prepared for the benefit of the lender. It is unwise to rely on a valuation and we always advise buyers to obtain their own independent advice as it's often beneficial in the long run.
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What is in a Homebuyers Survey Report?
The report will provide details on;
- Any potentially major problems with the structure of the building
- The general condition of easily accessible parts of the building
- Any suspected specialist problems such as damp or timber infestation
- An overall insight of the water supply and drainage systems at the property
- It is a licenced product from the RICS and is independent of any lender
- It comes in a pre-set format and it includes a valuation
- It identifies defects and gives condition ratings
- It allows you to make an informed decision
- It can be used to re-negotiate the purchase price
Is this the right choice for me?
A homebuyers report is the ideal choice when buying a property that is either a newish build, isn’t particularly run down or old or in reasonable condition.