Understanding the HomeBuyers Survey
You will find there are different levels of assessment that you can opt for when you purchase your new home.
It can be confusing to understand which applies to your property purchase.
A simplified property valuation may be what you need if you are buying a brand new property or if you are re-mortgaging your current home. This is an uncomplicated valuation and is the and covers an external inspection, internal inspection, the local area, legal detail and possibly insurance valuation.
A RICS Homebuyers Survey is considered a medium level survey, the format is designed to clearly communicate any defects or issues observed during the surveyor’s inspection, it does this by rating the defect via a easy to understand traffic light system. Condition Rating 1: Green: Confirms that no action is needed, the item should be maintained in the normal way. Condition Rating 2: Amber: Confirms that the defect needs repairing or replacing, however, there isn’t any particular urgency. Condition Rating 3: Red: Confirms that urgent repair, replacement or further investigation is required. This will usually be accompanied by further additional advice to assist you in resolving this.
In the vast majority of cases a RICS Hombuyers Report will contain a combination of the above ratings; it is important to pay particular attention to all the Condition 3 Ratings and unsure you are fully aware of the implications of this information.
Your RSWE HomeBuyers Report will allow you to determine whether to proceed with the property purchase. It will assess the entire property including among other things:
– Current market value
– Local area information
– Buildings insurance estimate
– Timber condition & damp testing
– Damp/drainage/insulation assessment (excluding drain inspection)
– Structural Issues
– Roofs
– Items of urgent and significant repair or expenditure
We recommend a RICS HomeBuyer Report on flats and modern houses. Contact us here to if you would like us to carry out your HomeBuyers Report.
For further information the RICS have produced a guide to the Homebuyers Report, you can download it free here:-