RICS Homebuyer Report
The RICS Homebuyer Report is an economical standardised level two report designed and regulated by the RICS. It is designed to provide the purchaser with a clear and concise guide to the property and to help the purchaser;
- 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
- consider what other advice to take before exchanging contracts
The report is typically designed for traditionally constructed property which have been maintained to a reasonable standard and are not substantially altered or extended. The report will;
- provide comment on the individual elements of the property fabric both inside and out
- include condition ratings for the elements of the building, services and any garages or permanent outbuildings
- include a market valuation of the property in line with the RICS Red Book guidance if instructed.
- provide an overall impression of services, however these are not tested in line with regulation
- particular points you should raise with your legal advisers
The report is set out to enable the potential purchaser to assess more clearly the overall condition of the property and make an informed decision on what is a reasonable price to pay for the property. The survey can include a market valuation but the majority of properties will have a valuation undertaken as part of the mortgage lending requirements and this is therefore not essential and largely a duplication of the work undertaken by the banks valuer.
In order to better understand your requirements please feel free to contact Wonnacotts to discuss the potential purchase and the level of survey considered suitable for the specific property.