Yesterday we all swapped – or should have done – to the new RICS Homebuyer Survey. You probably noticed the blaze of publicity that accompanied the introduction of this major new product… oh, you didn’t – well that’s the RICS for you. There doesn’t actually appear to have been a press release since July 2009!
The new report is designed to focus on the needs of the consumer with clear, simple and easy-to-follow information about the condition of a property.
The HomeBuyer Report reflects changes in the home buying and selling process. It is concise and user-friendly, 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.
It also contains a paragraph to cover any inducement or commission payment to a third party for selling the HBR as well as a valuation and insurance assessment.
Collier Stevens are now offering the new format to all our residential customers, we are Licenced by the RICS to produce this report so you can be sure that it will be provided in an approved format.
Do we like it? Well we’ve only done a couple and so far it seems OK, the rather simplistic Red Amber Green system is certainly client friendly and does enable us to hone in on the key areas of concern very quickly.
Providing residential purchase advice, building surveys and RICS Homebuyer Reports in Kent & London
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