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