Newly Improved Home Buyer Report

The main focus of our company is to provide valuations and surveys for commercial and residential structures to our clients in Maidenhead. When it comes to property that is more conventional or new, a Home Buyer Report allow you to evaluate your stance on a currently agreed transaction. It also gives insight into the extent of any repair or maintenance costs that need to be addresses.

During the month of July, the Royal Institute of Chartered Surveyors, a body with which we are associated with, introduced a new Home Buyer Report without a valuation. The long established report with one is still in use though. These reports include a description of each property element with colour-coded condition ratings, repair advice, an estimated market value and reinstatement cost, and comments relating to faults. The report without the valuation is largely the same, minus the reinstatement cost and value estimate.

Earlier in the year it was reported that the RICS was in favour of making valuation an optional part of these report. As it has done this, it means that RICS members that undertake surveys do not have to be registered valuers. In the past, the associate director of the institution referred to the Home Buyer Report carrying valuations as an anomaly, when other RICS products like the building survey and condition report don’t have them.

Regardless of the presence of a valuation, the purpose of the reports remains the same. They are designed to give homebuyers an exact idea of what they are investing in so they can negotiate the right deal for a property and reduce the risk of encountering unforeseen problems.

At Patterson Francis and Associates we take property matters incredibly seriously, providing the most thorough Home Buyer Reports possible. We want our clients to know precisely what they should be paying for a property in order to prevent them from overpaying for it. If you are interested in our services and would like to find out more, we would love to hear from you.