If you are considering buying or selling a home for the first time, you may be wondering what an RICS Homebuyer Survey includes. A Homebuyer Survey is a briefer version of a RICS Building Survey but is more detailed than the mortgage valuation and RICS Condition Report. This survey is classed as a level 2 and the cost typically depends on the size and valuation of the property being inspected. The Homebuyer Survey is a visual and non-intrusive inspection, by a RICS chartered surveyor, of the condition of the home and details any defects, in the Condition Report.
This type of inspection would be suitable for modern or conventional home that are in reasonably good condition. If the home is non-standard or more dilapidated, a more thorough Building Survey will be necessary to help identify any hidden issues. This inspection includes a visual examination of all major indoor features such as ceilings, roof, walls, bathrooms and any permanent outdoor building or features such as roofing, pipes, gutters, walls, windows and doors. There will also be an inspection of the heating, drainage, electric, gas/oil and water services, which will give an energy efficiency rating.
This survey can be done alone or in addition to a valuation, which includes all of the above, a market valuation and insurance rebuild costs. Any major faults will be identified in a Homebuyer Survey and will detail how this may affect the value of the property, costs to repair these issues and advice on how to rectify the faults, will be provided by the building surveyor. These faults will be rated in seriousness by a green, amber, red, traffic light coding system.
If the home you are hoping to sell or the one that you are considering buying falls into the Homebuyer Survey requirements of being conventional, in good condition and relatively new, a Homebuyer Survey may be all that your require for evidence of condition.