What is a Home Buyer Report and what is it’s worth?
When purchasing a house, you are usually required to have a RICS (Registered Institute Of Chartered Surveyors) building survey carried out on the property in question, as part of your mortgage application.
The RICS survey is essentially a method of giving the buyer sufficient information to make an informed and reasoned decision regarding the property purchase.
However it is important to understand that this type of survey is essentially a visual inspection of the property, following a set format designed by the RICS, to determine defects and identifying potential plans by local authorities in the future which could affect the value of the property or potential future risks.
Also, the RICS survey does not analyse or test the gas, plumbing or electrics in the property. This is why it is recommended you have these things tested to make sure a) functioning correctly and b) are within the government and relevant industry safety regulations.
Think of purchasing a used car, you would typically:
- Perform a test drive
- Test the headlights, heaters, radio, and the general electrics
- Look for fluid leaks
Ideally you would carry out the above with some knowledge of how these things should work OR potentially have a qualified mechanic carry the tests out.
Think of the Home Buyer Report as exactly this, where you have a qualified gas, plumbing and electrical engineer carry out a full test on the heating, plumbing, gas appliances and electrical system within the property you are about to purchase. This additional report will most definitely make your home purchasing decision as informed as it can be.