Need To Know About a Homebuyer Report
You have many options when you are planning to conduct a survey that varies in cost and details. According to the Royal Institute of Chartered Surveyors (RICS), the Homebuyer Report is the most popular. It is mainly conducted on houses with visible problems like subsidence or damping. It gives you the details of all the visible issues that the Surveyor can easily check without lifting carpets or moving furniture. It is also known as the Level 2 RICS Survey.
Chartered surveyors provide the opportunity to get a complete report on the home survey in just a few days that cover all the aspects of the home. The survey gives you all the major and minor details of the property without disturbing it. Still, it does not include any in-depth investigation of the house. The Surveyor will give you information about drainage, damp proofing and visible damping, loft insulation, plus the current condition of roof timbers and other significant issues.
What Does It Cover?
It gives you an overall idea of the building’s condition. You can also get a valuation report with it by paying some extra money. The Surveyor will provide you with a report on the market values of your house. It will reassure your mortgage lender that the money he is giving you is worth it and according to the home’s current market value. It also gives you the rebuild cost of the house that you can share with the insurance company. The report will be written in simple English and easy to understand.
What Is The Level 2 And Level 3 Survey?
The Homebuyer Report is called RICS Level 2 survey and is used to identify any problem or damage in the building that could cause the problem in the future. Level 2 survey is for the homes in a reasonable condition, giving an overview of visible issues. Level 3 survey (Building survey) is best for the properties that need renovation or you intend to alter the property after purchase. It is a more comprehensive and detailed survey than level 2.
What Does A Homebuyer Report Include?
Give you an estimated cost of rebuilding the property for insurance motive.
Previous history of the property and its location.
Results of the damp tests.
Evaluation of any drainage, insulation or damp-proofing in the building.
You can get an overall idea of the building’s timber and woodwork.
Provides you with the details of problems that need urgent attention
Details of major faults in easy-to-get parts so you can repair them on an early basis.
Condition Ratings of the Survey Report
The RICS report evaluates the property on three condition ratings and explains its conditions and how early it needs repairing. RICS-defined conditions are
What Can You Do If The Survey Detects A Problem?
Usually, the survey finds problems with older properties. You can highlight your concerns with the Surveyor before the inspection of the house. Commonly, Surveyor talks with you about the report over the phone after you have received the report. So, if you have any follow-up questions, it’s the best time to ask.
How Much Does The Homebuyer Report Cost?
The report is primarily suitable for new houses or well-maintained property. The report cost varies according to the size and condition of the house. You can save costs by hiring Surveying People to survey your home in London. We are a team of expert professionals that will give you the survey report within five working days.
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