• Make an informed decision on whether to go ahead with buying the property
• Decide what is a reasonable price to pay for the property
• Take account of any repairs or replacements the property needs
• Consider if you need any further advice before exchanging contracts.
A home buyers survey is less expensive than a building survey, ( although more expensive than a valuation), and highlights any problems which will have an effect on value of the property, and advise a purchaser to make a considered judgement of purchasing a home.
Home sweet home... ...or house of horrors? |
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| Defects which are serious and/or need to be repaired, replaced or investigated urgently. | ||
| 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. | ||
| No repair is currently needed. The property must be maintained in the normal way. |
Easy to use ratings guide - A new report which is colour coded will be available from July 2009 and will replace the existing RICS Home Buyer Survey and Valuation, which is being phased out at the end of the year. The new report will make it easy to see if and where there are problems with the condition of the property.
The inspection - The report focuses on matters that, in the surveyor's opinion, need to be dealt with or may affect the value of the property. The surveyor inspects the inside and outside of the main building and all permanent outbuildings, but does not force or open up the fabric. They also inspect the parts of the electricity, gas/oil, water, heating and drainage services that can be seen, but they do not test them.
To help describe the condition of the home, the surveyor gives condition ratings to the main parts (or 'elements') of the building, garage, and some parts outside. Some elements can be made up of several different parts. For example, a home can have a pitched (sloped) roof to the main building and a flat roof to an extension. In this case, the surveyor will give each a condition rating and use the worst one to define the element in each report section.
If you would like to see an example of the new report format and to discuss specific client requirements, please do not hesitate to Contact Us.
