RICS Homebuyer Report and Valuation

The popular RICS homebuyer report allows the client to make a reasoned and informed decision on whether to proceed with the purchase. A home is often the most expensive purchase most people ever make and it is therefore essential to obtain the best possible advice. Our clients receive expert advice upon it’s condition. The inspection is an in depth visual survey of the property, the resultant clear easy to read report highlights any problems in an easy to understand “traffic light” system with each element of the property given a condition rating.

In brief the RICS Homebuyer Report (Survey and Valuation) has the following aims and includes:

  • Aims to help you decide whether you need extra advice before committing to purchase
  • Aims to enable you to budget for any repairs or restoration
  • Aims to advise you on the amount of ongoing maintenance required in the future
  • Provides a reinstatement cost to help you avoid under- or over- insurance
  • Provides a market valuation to establish whether you have agreed to purchase the property for a reasonable figure

RICS Red book Valuations

A valuation report will provide a professional opinion of the value for a property on a certain date (the valuation date). In order to correctly assess the value of a property the surveyor will take a number of factors into account. The most commonly used value is Market Value and this is defined in the RICS Valuation Standards 2017 as;

‘The amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had acted knowledgably, prudently and without compulsion’

Our professional valuation reports can be used for several reasons, in brief these are as follows;

  • Probate/Inheritance Tax Valuation
  • Help-to-Buy/Staircasing Valuation
  • Shared Ownership Valuation
  • Expert Witness (Matrimonial/Divorce Proceedings)