RICS HOMEBUYER REPORT
For many people, buying a new home is one of the biggest decisions they will ever make. However by failing to obtain a survey before purchase, homebuyers across England and Wales are risking potential bills running into thousands of pounds.
According to RICS research a quater of all homebuyers who fail to have a survey are forced to make unplanned building works to their property after purchase. The average bill for these works, such as damp proofing or repairing a roof is over £1,800.00 - but the cost can be much higher.
A common misconception is that a mortgage lenders valuation report represents a survey. In fact, it is merely a valuation carried out on the mortgae lenders behalf and is not designed to highlight any potential problems with the property.
The RICS Homebuyer Report gives a clear, consise picture of the property with "traffic light" ratings. It shows the condition of the property, offers advice to legal advisors, highlights details of defects that may affect the value of the property with repairs and ongoing maintenance advice. The report includes a market valuation and insurance rebuild costs.
Condition Ratings
For many people, buying a new home is one of the biggest decisions they will ever make. However by failing to obtain a survey before purchase, homebuyers across England and Wales are risking potential bills running into thousands of pounds.
According to RICS research a quater of all homebuyers who fail to have a survey are forced to make unplanned building works to their property after purchase. The average bill for these works, such as damp proofing or repairing a roof is over £1,800.00 - but the cost can be much higher.
A common misconception is that a mortgage lenders valuation report represents a survey. In fact, it is merely a valuation carried out on the mortgae lenders behalf and is not designed to highlight any potential problems with the property.
The RICS Homebuyer Report gives a clear, consise picture of the property with "traffic light" ratings. It shows the condition of the property, offers advice to legal advisors, highlights details of defects that may affect the value of the property with repairs and ongoing maintenance advice. The report includes a market valuation and insurance rebuild costs.
Condition Ratings
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Defects that are serious and/or need to be repaired/replaced or investigated urgently | ||
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Defects that need repairing or replacing but are not considered to be either serious or urgent. The property must be maintained in the normal way. |
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No repair is currently needed. The property must be maintained in the normal way. |
