What is a RICS Homebuyer Report?
This is described by RICS as:
The most popular report for buyers. A complete diagnostic report, including a valuation element, suitable for the majority of residential properties. It clearly presents all findings in an easy to read format.
The HomeBuyer Report includes:
A description of the condition of each element of the property
- Colour coded condition ratings
- A Market Valuation
- A reinstatement cost for insurance
- An overall opinion
It does not include:
- Cost estimates for repairs
- Any detailed description of the construction of the building or detailed advice on specific defects.
The RICS HomeBuyer report focuses on any areas requiring urgent repair, or that are significant and have an effect on the value of the property. RICS refer to this as “an economy Survey” and it is in a standard format. The purpose is to provide you with information to make a reasoned and informed judgement on whether or not to buy the property at the agreed price, and whether you should obtain any further specialist advice.