As your home is likely to be one of the most expensive purchases you will ever make, you will want to make sure you know whether the property is in sound condition and free from serious defects.
A RICS Home Survey is a sound investment once you have an offer accepted on a property. It could actually save you money. If problems are highlighted pre-sale, there may be scope for renegotiation on the sale price to reflect the cost of repairs that are required.
A RICS Home Survey can only be carried out by member of the Royal Institution of Chartered Surveyors (MRICS). A detailed RICS survey is reliable, cost effective and is produced using the RICS ‘traffic light’ rating system, which helps identify the severity and urgency of action required regarding issues highlighted.
There are three types of RICS Home Surveys available;
Silver Grey can help assist you regarding all your RICS Home Survey requirements. Please contact us should you require any further advice or wish to book in a survey on a property.
A RICS Home Survey is an assessment of a property, undertaken by a qualified experienced professional member of the Royal Institution of Chartered Surveyors. The surveyor will visit the property, carry out an inspection, and then produce a detailed report highlighting any problems or potential issues. A RICS Home Survey is usually commissioned by a purchaser when they have had an offer accepted on a property.
It depends on the type of survey and the size of the property. Typically, RICS Condition Reports (Level One) are between £400 – £950 + VAT, RICS Home Buyer Reports (Level Two) are between £450 – £1,000 + VAT and RICS Building Surveys (Level Three) are between £650 – £1,000 + VAT.
Purchasing a home is the biggest purchase you are likely to make. You would want to be aware of any problems the property has, or could potentially have, prior to committing to purchasing. In some cases, where a problem is identified, there is scope to negotiate on the price based on the amount of money you would have to spend on rectifying the property. You may also suspect yourself that the property has a problem with damp or subsidence for example, and instructing the appropriate RICS Home Survey would help identify problems in a credible way using a professional RICS report.
A mortgage lender’s survey is solely concerned with the value of the property you are buying. The mortgage lender wants to ensure that the property is actually worth what you are paying for it. It does not comment on the structural integrity of the property and is not as comprehensive a survey as a RICS Home Survey. In order to fully ascertain the condition of a property, you should look to instruct a qualified RICS professional to undertake a survey for you.