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RICS launches three new property surveys

Thursday, 30 June 2011 10:23 AM

The Royal Institution of Chartered Surveyors (RICS) has launched three new property surveys in a bid to make homebuyers more informed.

The decision came after research revealed that a significant number of buyers choose not to have a survey – although RICS believes this could be because they mistakenly think that the mortgage lender’s valuation serves the same purpose.

According to RICS, a quarter of homebuyers that don’t have a survey end up having to make unplanned building works to their property costing an average of £1,800.

In a bid to encourage more people into having a survey done before buying a house, RICS has launched three new types of surveys, each tailored to the type and age of the property.

The RICS Condition Report is designed for conventional properties and new homes and is the lowest priced of the surveys. It offers a clear, concise summary of the property’s condition based on traffic light ratings, offering advice to legal advisors and highlighting any urgent defects.

The RICS HomeBuyer Report includes all of the above but also offers a market valuation and insurance rebuild costs. Also included in the HomeBuyer Report is advice on defects that may affect the future value of the property along with ongoing maintenance tips.

The Building Survey is the most comprehensive of the lot, and RICS recommends this option for people looking to buy a large or old property, or those planning to undertake major renovation works.

RICS spokesperson David Dalby said: “In difficult economic times it pays to be prepared. Nobody wants to be left with a home that needs extensive repairs or one they can’t sell on. By having a survey you’ll be armed with information on the condition of the property which puts you in a stronger position to decide whether to proceed with the purchase, or negotiate a better deal.”

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