Types of Survey Available
RICS Homebuyer Survey and Valuation
The RICS homebuyer service is in a standard format and is designed specifically as an economical survey and is a cost-effective way to minimise risk.
The homebuyer focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property. The homebuyer, unlike a building survey, provides not only a survey but also a Valuation as an integral part of the service.
This type of report is much more detailed than the mortgage valuation, which most people choose to commission, and is normally instructed by housebuyers for their own use giving them a direct link with their own Chartered Surveyor.
The surveyor's main objectives in providing the service are to give guidance on value and to assist the prospective home buyer to:
- Make a reasoned and informed judgement on whether or not to proceed with the purchase.
- Assess at what price it would be reasonable to purchase the property.
- Be clear what decisions and actions should be taken before making an offer to purchase.
The surveyor will also give a professional opinion about the particular features of the property which affect its present value and may affect its future re-sale.
The report format is standardised, compact, and easy to understand. It covers the building inside and outside, the services and the site. It focuses on the defects and other problems which the surveyor judges to be urgent or significant. It also covers:
- General condition and particular features.
- Particular points which should be referred to your legal advisors.
- Other relevant considerations concerning, for example, safety, location or perhaps insurance.
Matters which are judged not to be significant are generally not included in the report but where necessary, the surveyor may also be able to provide some extra service which is considered outwith the scope of the standard package - perhaps for a schedule of minor defects (for later discussion with a contractor).
Internally, the condition of service installations, such as wiring and drainage and central heating, will also be examined but not tested.
Standard Valuation Report
This type of report is not a detailed survey and only notes apparent defects and provides a market value for the client. It is however suitable for some cash purchases or sales, probate or inheritance tax purposes, matrimonial purposes or capital gains tax situations as well as investment release purposes.
