New Homebuyer Report launched by RICS

The Royal Institution of Chartered Surveyors has launched a new survey report, designed to focus on the needs of the consumer with clear, simple and easy-to-follow information about the condition of a property.

Concise and user-friendly, the new HomeBuyer Report reflects changes in the home buying and selling process, assisting the purchaser in their decision by reporting on a property’s condition, value, need for repairs and replacements, and what further advice is required before exchanging contracts.

Properties receive colour-coded condition ratings, based on the surveyor’s professional judgement on the state of repair of elements of the building. A green rating indicates no repairs are necessary, whilst red points to serious defects that require urgent attention, making the assessment more straightforward for the buyer.

The HomeBuyer Report still details essential findings found in previous surveys, as well as highlighting issues for legal advisors, identifying risks and hazards of the property, such as structural movement, damp and timber defects¬† (three major concerns that purchasers have) , and providing the surveyor’s opinion of the current market value and insurance assessment.

Barry Hall, Chairman of RICS Survey and Valuation Group, says:

“Buying a house can be extremely stressful and confusing, and many consumers are still puzzled by what reports they need before purchasing their new home. A valuation is not a survey as it does not provide the information a buyer needs on the condition of the property. RICS is determined to simplify this process for consumers and feels that this new report is an important step in ensuring that they are better informed about the property they are purchasing.”

The HomeBuyer Report is available from July and will replace the RICS Home Buyer Survey and Valuation, which is being phased out at the end of the year.

Source: RICS 2nd July 2009