The RICS Homebuyer report (HBR) is often referred to as a Level 2 RICS Survey .
Inspection is conducted as specified by the RICS and the report is delivered in a standard format.
Valuation is prepared on Market Value Price Basis and the definition of Market Value is:
â€œThe estimated amount for which a property should exchange on the date of valuation between a willing seller and a willing buyer in an armâ€™s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.â€
The principal objective of the Report and Valuation is to assist customers to:
â€¢ Make a reasoned and informed judgement on whether or not to proceed with a purchase.
â€¢ Assess whether or not the property is a reasonable purchase at the agreed price.
â€¢ Be clear what decisions and actions should be taken before contracts are exchanged.
Each HBR makes judgments about how the condition of the property may change in the foreseeable future.
The RICS Chartered surveyor or valuer applies building construction and pathology knowledge to Condition Rate and justify findings. The three main condition rating descriptions as contained in the Home Buyers Guidance notes are as follows;
Condition Rating 1. No repair is presently required. Normal maintenance must be undertaken.
Condition Rating 2. Repairs are required but I do not consider these to be either serious or urgent.
Condition ratings 3. There are defects of a serious nature or defects requiring urgent repair.
The HBR contains a Surveyor’s conclusion. In brief, comment is made on whether or not the Subject property is a reasonable purchase at the agreed price, and on particular features which affect its present value or its future resale.
Westview have vastly experienced surveyors able to offer expert advice in this regard.
We have sample homebuyer reports, typical of the type produced by Westview should you wish to preview before a possible instruction.