Have you ever wondered what a RICS HomeBuyer Report is? Or when you might need one? Following the popularity of our recent blog “What is a RICS Building Survey”, published earlier this month, this post will answer those questions.
The HomeBuyer Report is a Level 2 RICS survey. This is a more comprehensive survey that the Level 1 Condition Report, but less detailed than the Level 3 Building Survey. A Level 2 survey is ideally suited for newer buildings and will provide a good overview of any issues or defects the property may contain.
If the property being surveyed was built less than 50 years ago, does not have any obvious signs of damage or had any significant renovations made to it, then the HomeBuyer Report will most likely meet your surveying needs.
What the RICS HomeBuyer Report includes
After arranging a suitable date with you for our RICS qualified chartered surveyors to visit the property, a detailed inspection will be carried out. This will cover all the visible and accessible parts of the property. Some of the areas that will be investigated for possible issues include:
- The condition of the roofs and supporting structures
- Any windows and outside doors
- All walls and partitions, both internally and externally
- Fireplaces, chimney breasts and the corresponding stacks
- Garages, conservatories and other ancillary buildings
If you have any particular areas of concern, these can be raised with the surveyor, so that they can be paid particular attention to.
Once the inspection has been completed, the HomeBuyer Report will be written up, which will also include background information on the property and location. This normally takes around 3-5 working days to complete. The report will contain details of everything that was inspected, assigning each point a traffic-light rating highlighting which matters should be addressed with the highest priority.
Whether it is signs of damp, damaged or rotting woodwork or large cracks that could point towards underlying structural issues or subsidence, the RICS HomeBuyer Report will bring these to your attention, so that you know what you can expect to have to address.
The report will also provide you with recommended courses of action, so you can make an informed decision as to how to proceed. Our team of experts are always on hand to talk you through the details contained in the report should anything be unclear.
Valuation as an option
Not everyone needs to have the property valued whilst having a survey carried out, but sometimes you might want that little bit more assurance that the property is worth what you are offering to buy it for. That is why we offer options to have the RICS HomeBuyer Report written either with or without a Valuation of the property.
Choosing to include the Valuation in the report also provides you with additional information, such as how much it would cost to rebuild the property – which can be helpful for insurance purposes. It will also highlight any potential effects that identified defects could have on the value of the property. Knowing this allows you to make a truly informed decision about whether to proceed with a purchase at the agreed price or whether you would like to renegotiate your offer.
Want to know more?
Our expert team of qualified surveyors have carried out thousands of surveys in properties of all shapes and sizes in and around London. Whether you are looking to buy a new home or simply want to get an idea of the condition and value of your property, a RICS HomeBuyer Report is an invaluable asset to have.
While the report is much less comprehensive than a Level 3 RICS Building Survey, and only addresses the most serious issues in the building, it is very useful in being able to determine which items may cost you money that you have not previously budgeted for.
After all, buying a property is one of the largest financial investments you will make, so having as much information as possible in advance can help put your mind at ease.
Call 0800 071 5517 or email us on firstname.lastname@example.org to speak to our surveying team.