1 / 9

The new RICS HomeBuyer Report

The new RICS HomeBuyer Report. PRESENTATION BY Alan McNaughton Independent Property Consultant Alan McNaughton Dip. Est. Man., MRICS – Chartered Surveyor. The new RICS HomeBuyer Report. The report aims to help buyers:

wayde
Download Presentation

The new RICS HomeBuyer Report

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The new RICS HomeBuyer Report PRESENTATION BY Alan McNaughton Independent Property Consultant Alan McNaughton Dip. Est. Man., MRICS – Chartered Surveyor

  2. The new RICS HomeBuyer Report The report aims to help buyers: • make a reasoned and informed decision on whether to go ahead with buying the property; • make an informed decision on what is a reasonable price to pay for the property; • take account of any repairs or replacements the property needs; and • consider what further advice should take before exchanging contracts

  3. The new RICS HomeBuyer Report • make a reasoned and informed decision on whether to go ahead with buying the property; The HBR includes comment on issues that buyers may not be aware of when making an offer such as condition, risks and hazards, and value of the property

  4. The new RICS HomeBuyer Report • make an informed decision on what is a reasonable price to pay for the property; The HBR includes the surveyors opinion of the current market value of the property at the date as inspected. It comments on matters that may affect value if not deal with

  5. The new RICS HomeBuyer Report • take account of any repairs or replacements the property needs; The HBR includes condition ratings, and professional advice and comment, on elements of the property which identify the most important issues, and whether defects are serious or urgent

  6. The new RICS HomeBuyer Report • consider what further advice should take before exchanging contracts The HBR flags up particular points which should be referred to the buyers legal Adviser. Where appropriate recommendations for further investigations are included but only where conclusions cannot be reached within the limitations of the HBR Service.

  7. The new RICS HomeBuyer Report A mortgage valuation is not a homebuyer Report: A mortgage valuation report is prepared for the buyers lender, not for the buyer. It answers only the questions about whether the property is suitable security for a loan. It cannot be relied upon to answer questions that the concern the buyers own interests or give details of the condition of the property.

  8. The new RICS HomeBuyer Report Benefits of the HBR to buyers: • Possibly enable renegotiation of agreed purchase if unknown issues flagged up before legal commitment to purchase • Allows reflective thought and may prevent an expensive mistake being made • If purchase proceeds the buyer has an understanding of the property to assist in its future occupation and enjoyment • Legal status of the buyer remains “caveat emptor” LET THE BUYER BEWARE!

  9. The new RICS HomeBuyer Report Value for money PEACE OF MIND HOME SWEET HOME or HOUSE OF HORRORS? A small price to pay in comparison to the purchase price.

More Related