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.