What is a RICS HomeBuyer Report?
The HomeBuyer Report is a detailed inspection and report designed by the Royal Institution of Chartered Surveyors (RICS) to provide home buyers with important information regarding the condition of the property they are thinking of investing in. It is a mid-range Level 2 survey which sits between the basic Level 1 RICS Condition Report and the comprehensive Level 3 RICS Building Survey.
The survey report is compiled on the basis of a visual, non-invasive building inspection. This means that our surveyors won’t be able to look under floor coverings or behind concealed areas, drill holes or carry out any other invasive investigations.
The RICS HomeBuyer Report is produced with the end user in mind, using language that is jargon free and easy for the layperson to understand. This makes it a valuable document to help you:
- Discover and budget for any urgent or major building repairs
- Consider if further investigations should be carried out before exchanging contracts
- Make an informed decision about whether and how to proceed with the purchase
- Use the survey findings to try and renegotiate the purchase price, where applicable
- Gain peace of mind of knowing all salient information about your soon-to-be new home
Is a RICS HomeBuyer Report the right choice?
SSJ Surveyors offer the full suite of RICS property surveys, along with professional guidance to help you choose the right survey for your property and your needs. The RICS HomeBuyer Survey is the most popular report requested by property buyers and is suitable for all types of conventional buildings that are in a reasonable state of repair.
- Conventional modern buildings
- Homes built with traditional construction methods and materials
- Properties of conventional design
- Standard older properties built in the last 150 years
- Buildings that are in good overall condition
While the HomeBuyer Report offers sufficient scope to cover most home buyers’ scenarios, it is not always the right choice. If the property you are considering buying is a period property or a listed building, has been substantially altered or extended in the past, or you are planning to carry out major refurbishments and alterations, we would recommend that you commission a full RICS Building Survey instead.
What does a RICS HomeBuyer Report cover?
Our surveyor will carry out a property inspection of approximately 2-3 hours’ duration, depending on the size and type of the property, and gather information to compile the final report.
The final HomeBuyer Report document is presented in a standard RICS approved format of up to 15 pages, providing advice on any defects that may affect the value of the property, and our professional recommendations for repairs and ongoing maintenance. We also provide a market valuation and advice on whether the agreed purchase price is reasonable.
Specifically, the features of the survey report include:
- Highlighting any serious defects and urgent repairs including structural movement, damp and timber defects
- Highlighting any further investigations the surveyor considers necessary
- Highlighting any issues that need to be referred to your legal adviser
- Highlighting urgent decisions and actions to be taken before contracts are exchanged
- Providing a current market valuation
It is a relatively detailed report which assesses individual elements of the property, using a traffic light system to indicate issues found. Using the clear, colour coded condition ratings for each part of the building, including outbuildings and serviced, makes the report easy to understand for homebuyers who are not property professionals.
At Silk Sharples Jennings, we are known for our independent professional judgement and expert technical skills for building surveys and associated services. Please contact our friendly team to discuss your next property purchase and your requirements for a RICS HomeBuyer Report, and let us help you inform your purchase decision.