What is a RICS HomeBuyer Report?

The RICS HomeBuyer Report provides a reliable and cost-effective report which will provide clear and concise advice regarding any serious problems and specific risks identified before you commit to the process of buying or selling a residential property.

A RICS HomeBuyer Report is a report that is fully backed by the Royal Institute of Chartered Surveyors – the industry’s most respected authority on surveying. The RICS HomeBuyer Report can only be undertaken by a RICS qualified Chartered Surveyors.

When is a RICS HomeBuyer Report used?

The RICS HomeBuyer Report is the ideal choice of survey if your property is:

A conventional house, flat or bungalow built from common building materials.
Apparently in a reasonable condition.
Built within the last 30 years.

What does a RICS HomeBuyer Report include?

The report is written and broken down into the following sections:

Extensive inspection of the property, outbuildings and grounds.
Provides a clear traffic light rating of the condition of the property, identifying problems requiring varying levels of attention. The condition rating takes on the following format:

A summary of the risk associated with the condition of the building.
The surveyor's professional opinion of the 'Market Value' of the property *
An insurance reinstatement figure for the property.
Identifies any problems the surveyor considers may affect the value of the property.
Advice on required repairs and on-going maintenance.
Other matters including guarantees, planning and building control issues for your legal advisor.

Why should I have a RICS HomeBuyer Report?

RICS HomeBuyer Reports are useful to both buyer and seller, but also to any homeowners as well, as they focus on building defects and issues that are urgent and are likely to have an effect on value.

Benefits for the Buyer:

Allows you to make an informed judgement on whether or not to proceed with the purchase so as to avoid any unexpected expenditure after you have moved in.
Allows you to assess if the property is a reasonable purchase at the agreed price.
Highlights any decisions and actions that should be undertaken before contracts are exchanged.
Assists you in predicting if any future maintenance expenditure is likely to be required.

Benefits for the Seller:

Highlights any potential issues the property may present ahead of the sale.
Allows you the ability to remedy any problems prior to presenting the property to the market.
Allows you to be in an informed position and understand any issues which may cause a delay with the sale, or issues that may result in price reductions later in the sale process.

Benefits for the Home Owner:

Warns you of any defects that require remedy.
Allows you to manage and/or avoid escalating repair and maintenance costs in the future.

*'Market Value' is a term as defined in the RICS Valuation Standards - Global and UK (May 2011)

Market Value means the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.