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home buyer reports
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Home Buyer Reports

These are in standard RICS format.

It is more relevant to newer, conventionally constructed property. The home buyer report allows you to evaluate whether the agreed purchase price is reasonable, and to be aware of the extent of any repair and maintenance issues.

The home buyer report allows you to evaluate whether you wish to continue with the purchase at it’s present price and also enables you to be clear on what decisions and actions are required, prior to exchange of contracts. An estimate of market value is also provided, based on the findings of the home buyer report, and not the agent’s asking price.

An insurance rebuilding cost estimate is also provided.

Produced for the benefit of the purchaser not the lender, the survey covers:

  • Inspection of all visible parts
  • State of repair and degree of urgency
  • Requirement for specialist reports
  • Legal issues
  • Valuation in current condition
  • Insurance rebuilding costs
How to improve your home’s valuation
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How to improve your home’s valuation

Low home and mortgage valuations are a problem for home owners who are wishing to sell their homes. In some cases, they may have purchased their property a few years ago during a hike in property prices and then failed to have made any significant changes to improve the price, or simply live in an area which has devalued resulting in a disappointing amount offered for your home. However, there are a few things that you can do to help improve your home’s value without having to resort to a full kitchen remodel or full landscaping redesign costing many thousands of pounds.

The first thing that you should consider is to de-clutter your home. A person entering your home may see your furnishings and other items as a distraction, especially a home valuator. By clearing out as much as you can, you will not only draw attention back to the actual home itself, but create the illusion of more space. Make your home look minimal and organised, accentuating any pivotal areas of the property so that they stand out.

A fresh coat of paint in the master bathroom, living room and kitchen has been found to pay large dividends. These are the most important rooms in the house and will be what people will be looking at mostly when carrying out a valuation or making an offer. Don’t use bright, eye-popping colours but instead use neutral colours such as off-white, taupe or mushroom; these kinds of colours have been found to visually brighten and open up a room and make it more appealing to potential buyers.

It is important that you tackle the small issues with your home head on and one at a time. Is that tap still leaking? Fix it. Is the cabinet door still sticking every time you try to shut it? Fix it. Smaller issues such as these could indicate that home maintenance has been overlooked and could leave a bad impression for visitors as they won’t know if there are any larger problems being concealed.

Last, but not least, dressing your house and ensuring that it is patched, painted and cleaned is one of the best ways to improve your valuation. An attractive, clean and neutrally-decorated home gives the idea of a large and spacious area. Small changes like these can make a difference of a few thousand pounds in the long run and is definitely worth it for anyone selling their home. Remember you aren’t just improving it for the mortgage valuator but you are also reassuring any potential buyers that it is worth the asking price. Please get in touch with us today if you would like any further information or advice from a professional building surveyor in Maidenhead.

What is included in a home buyer report?
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What is included in a home buyer report?

The Home Buyer Report was devised by RICS (the Royal Institute of Chartered Surveyors) to create a standard format for the survey and assessment of properties. First introduced in 2009 the reports are detailed and accurately assess the condition, value and cost to repair a property. The information in the report helps buyers to make an informed decision on whether or not to proceed with the purchase. They are the most popular type of survey done on homes in the UK.

Home Buyer Reports don’t detail every aspect of the property; they look at visible parts that will have a big impact on the value. It is recommended that you hire an electrician to check the wiring of the property alongside the buyer report; this will help you to get a clear picture of the cost of repairs before you go ahead with the purchase. Drains will also need a separate survey by a specialist.

Included in each Home Buyer Report is:

1) An accurate valuation of the property based on the evidence that has been found during the survey.

2) Details about the background of the property and the location in general.

3) Estimated rebuilding costs for insurance purposes.

4) Evidence of damp, including results of tests done, and steps taken to avoid it.

5) Assessments of drainage and insulation.

6) Information about the condition of timbers in the property.

7) Details of issues that require immediate attention.

8) Additional information about large faults that will affect the value.

The condition of the property will be set out in the report using the three ratings set out by RICS. Conditions rated 1 mean there are currently no repair needs. Those rated 2 mean there are defects but repairs aren’t urgent. The third and final rating means there are serious problems that need further investigation and repairs.

Alongside the condition rating an estimated cost of the repairs is also included. If high repair costs are predicted the buyer is entitled to re-enter negotiations for the property and adjust the selling price accordingly. The valuation included in the report is based on the evidence found and the current market values.

Home Buyer Reports should only be provided by RICS chartered surveyors like the ones at Patterson Francis Associates. This ensures that they follow best practice guidelines and will deliver accurate, impartial information. Contact us today if you require the services of a professional and knowledgeable building surveyor in Slough or Maidenhead.