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RICS Homebuyers Report

The RICS Homebuyers Report, formally known as a Homebuyer Survey and Valuation, this report is carried out for the potential purchaser; the report is carried out to a standard format set down by the Royal Institution of Chartered Surveyors.

It is designed to provide sufficient information to enable potential purchasers to make an informed decision on the proposed purchase at an economic price, described by the RICS as “giving factual information on significant aspects of the conditions of the property”. It does have limitations, as only visible areas are inspected and it does not detail every aspect of the property. It focuses on urgent matters needing attention and advises where further research or specialist testing should be considered.

This report is designed for the conventional type of construction of a house, bungalow or flat seen to be in a reasonable condition. Some properties may require a more detailed report offered by an RICS Building Survey.

Included within the RICS Homebuyers Report is a market valuation and rebuilding valuation (Reinstatement Cost) in addition to identifying defect and issues considered to be urgent or of significant importance

This report is designed to be user-friendly with minimum technical jargon Using the ‘Traffic Lights System’. Each element of the property must be rated using one of the following Condition Ratings:

Condition Rating 3 (red): Defects that are serious and/or need to be repaired, replaced or investigated urgently.

Condition Rating 2 (amber): 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.

Condition Rating 1 (green): No repair is currently needed. The property must be maintained in the normal way.

The report is now quite lengthy, usually in the region of 25 pages, but it is divided into easily readable and logical sections as follows:-

A. Introduction to the report
B. About the inspection
C. Overall opinion and summary of the condition ratings
D. About the property
E. Outside the property
F. Inside the property
G. Services
H. Grounds (including shared areas for flats)
I. Issues for your legal advisers
J. Risks
K. Valuation
L. Surveyor’s declaration

Sample Homebuyers Report