Buying a home is one of the most significant financial decisions you will ever make, so it’s crucial to be fully informed about the property you’re purchasing. This is where a RICS (Royal Institution of Chartered Surveyors) Home Survey comes in. Designed to provide a thorough assessment of a property’s condition, a RICS Home Survey is an invaluable tool for homebuyers.
Overview of a RICS Home Survey Report
The main purpose of a RICS Home Survey is to provide a detailed evaluation of a property’s condition. Whether you’re a first-time buyer or moving up the property ladder, understanding the state of your potential new home is essential. The RICS Home Survey is designed to identify any potential defects, provide guidance on necessary maintenance and repairs, and offer a clear understanding of what you’re buying.
There are different types of surveys:
RICS ‘Red Book’ Valuation
A property valuation is a professional opinion of the current market value of a property, conducted by a RICS registered valuer to Red Book standards – the professional guidelines that are the gold standard for valuations. Property valuations include a site visit alongside considerable desktop research.
RICS Level 2 (Homebuyers) Survey
A RICS Level 2 Survey is suitable for any home – house or flat – built using traditional methods and materials. Its objectively describes the condition of the different elements of the home and provides an assessment of the relative importance of any defects/problems found.
RICS Level 3 (Building/Structural) Survey:
The most comprehensive survey, ideal for older or more complex properties. The RICS Level 3 survey provides an in-depth analysis of the property’s structure and condition, identifying any defects, maintenance issues, and potential future problems. It also includes detailed advice on repairs and maintenance.
Property Evaluation
A key component of the RICS Home Survey report is the property overview. This section provides an assessment of the overall condition of the property, focusing on critical aspects like structural integrity, dampness, and insulation. The surveyor will examine the property inside and out, looking for signs of wear and tear, potential problems, and areas that may require attention.
For example, the surveyor will check for structural issues such as cracks in walls or subsidence, signs of dampness like staining and the effectiveness of insulation in the roof and walls.
In addition to physical condition, the report may also highlight potential legal issues, such as shared boundaries or rights of way, that could affect the property's value or your ability to make changes to the property in the future.
Maintenance, Repairs and Major Defects.
One of the most critical parts of the RICS Homes Survey report is the section that addresses maintenance, repairs and major defects. This section provides a detailed overview of any issues discovered during the survey, from minor maintenance tasks to significant defects that could impact the property’s value or safety.
For example, the report may highlight the need for roof repairs or issues with damp. The surveyor will not only identify these issues but also provide recommendations for fixing them.
Energy Efficiency
Another important aspect of the RICS Home Survey is the energy efficiency rating. As part of a surveyor’s desktop research, they will look at the properties current energy performance certificate and will check for any obvious discrepancies between the EPC and the subject property. The surveyor will also advise on the appropriateness of the energy improvements recommended on the EPC.
Additional Information
The RICS Home Survey report may also include additional information that provides further insights into the property’s conditions. For example, the report might contain a reinstatement cost assessment, which estimates the cost of rebuilding the property. This information is particularly useful for insurance purposes.
Understanding the Report
RICS Home Survey reports are designed to be clear and easy to understand, even for those without a background in property. The reports typically use a traffic light system to highlight the severity of the defects. This is done using Condition Ratings 1-3.
Condition Rating 1:
No repair is currently needed. Elements to be maintained in the normal way.
Condition Rating 2:
Elements have defects that need repairing or replacing, but are not considered to be either serious or urgent.
Condition Rating 3:
Elements have defects that are serious and/or need to be repaired, replaced or investigated urgently, with a failure to do so potentially risk serious safety issues or severe long-term damage to the property.
At Peer King Surveyors we pride ourselves of our jargon-free, easy to read reports, which are all individually written by the surveyor that carried out the inspection. We also include photos and videos, where more context may help.
Conclusion
A RICS Home Survey is an essential tool for homebuyers, providing a detailed assessment of a property’s condition. It helps buyers make informed decisions and gives peace of mind before making the investment.
How to get in touch.
For expert guidance on RICS Home Surveys in Norfolk and Suffolk, contact Peer King Surveyors today on 01603 605610. You can reach us through our website, where you can also conveniently book your survey in Norfolk and Suffolk.
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