What is the HomeBuyer Service?
There are two types of HomeBuyer Reports – the HomeBuyer (Survey and Valuation) Service and the HomeBuyer (Survey) Service. These are both regulated by RICS. The service aims to provide you with the necessary advice for you to make an informed decision on whether to go ahead with buying a property. The report advises you of any repairs that may be required, or further investigations which need to be carried out, and allows you to consider renegotiating the purchase price based on any work that may be required.
The RICS HomeBuyer (Survey and Valuation) Service also allows you to make an informed decision on what is a reasonable price to pay for the property.
The RICS HomeBuyer Service is delivered in accordance with the Home Survey Standard (1st edition) RICS Professional Statement and is equivalent to Survey Level Two. This level of service is for clients who are seeking a professional opinion at an economic price. It is, therefore, less comprehensive than a Level Three service. The focus is on assessing the general condition of the main elements of a property. Please see our Documents section for the full definition of each Survey Level.
What is included within the HomeBuyer Service?
The RICS HomeBuyer (Survey and Valuation) Service includes an inspection of the property and a report based on the inspection.
The RICS HomeBuyer (Survey and Valuation) Service includes the above, plus a valuation of the property.
What is included within the inspection?
The surveyor inspects all elements inside and outside the main building, plus all permanent outbuildings and garages. The surveyor does not take up carpets or floor coverings and does not move furniture or personal effects within the property. External elements are inspected from ground level or using a ladder to reach up to 3m above ground level. Services are inspected where visible, but the surveyor does not carry out any specialist testing.
What is included within the report?
The report is broken down into individual property elements. The condition of each element is objectively described, and an assessment of the relative importance of defects is provided, including advice about repairs and ongoing maintenance issues. Each element is also given a condition rating, which are described as follows:
- Condition rating 1 – No repair is currently needed
- Condition rating 2 – Defects that need repairing but are not considered urgent or serious
- Condition rating 3 – Defects that are serious and need to be repaired, replaced, or investigated urgently
- NI – Not inspected
This condition rating system allows you to easily see which elements of the property require urgent attention or further investigation. There is also a risk section which summarises all the defects and issues that present a risk to the building, the grounds, or people.
The report will also identify any issues that your legal advisers may need to investigate further.
What type of valuation is provided?
If you choose to opt for the RICS HomeBuyer (Survey and Valuation) Service, the report will also include the current Market Value of the property. This is based on the definition of Market Value within the RICS Valuation – Professional Standards (known as the Red Book). The Market Value is based on comparable evidence of similar properties sold recently within the immediate locality.
A reinstatement cost is also provided, which is the cost of rebuilding an average home of the type and style inspected. This cost can help you decide the level of buildings insurance cover that you require.
What properties are suitable for the RICS HomeBuyer Service?
Most conventionally built properties are suitable for the RICS HomeBuyer Service, although the age and type will depend on the knowledge and experience of individual surveyors.
The RICS HomeBuyer Service is unlikely to suit:
- Complex buildings
- Unique or older historic properties
- Properties in neglected condition
We regret that we are unable to provide advice on any proposed future changes or adaptations to the property.
What is the fee for the RICS HomeBuyer Service?
All our fees are based on the agreed Purchase Price of the property.
Why choose Pinnacle Surveyors?
Our surveyors have extensive experience of carrying out HomeBuyer Reports in line with RICS requirements. Our nationwide coverage ensures that the HomeBuyer Service will be carried out by a local surveyor who has a detailed knowledge of the local property market. Our admin team will be in touch with you through every stage of the process, from initial contact through to sending out the report.
Our turnaround time between carrying out the inspection and providing you with the completed report is 5-7 working days, however you will often receive the report sooner than this. If you require your report urgently, please let us know and we will do what we can to speed the process up.
Where can I get more information?
To discuss using Pinnacle Surveyors to provide your HomeBuyer Service, please contact our admin team on 01332 830202 (Option 2) who will be happy to help and provide further information. Alternatively, fill out the Contact Us form and we will be in touch in due course.
Please visit our Downloads section to read the Description of Service – RICS HomeBuyer (Survey and Valuation), and to see a sample report.
Please note that not all our surveyors undertake HomeBuyer Reports. Use our interactive Offices Map to find your local office and see what services they offer.