RICS Homebuyer Report

The Homebuyer report format has been revised for 2010 and is now known as the RICS Homebuyer Report: property survey and valuation.

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’ (you can dowload a copy of this leaflet from the ‘Useful Documents’ section on this website .

The RICS HomeBuyer report is a standard format, and is different to a building survey in three main ways.

1. 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.

2. 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.

3. 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 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.

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 the surveyor to consider, you should discuss this with the surveyor before they provide you with the service.

The surveyor may be prepared to arrange extra services but these will probably need a separate contract.

Source: ‘Choosing Between Surveys When Buying a property’. Published by RICS 2009

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