In today’s Property Surveying blog post topic we are going to be taking a look at pre-purchase surveys, in particular the distinctions and differences between an RICS Homebuyer Report and a Full Building Survey.
One of the most common questions we are asked by property purchasers here at Stokemont, is what’s the difference between these two different types of pre-purchase surveys.
We thought we would take a closer look at this so you are fully advised in that you can make the best decision selecting the most applicable report for your pre-purchase assessment.
Generally speaking while these respective surveys are both similar in approach, inspection and surveyor assessment, there are distinctions between the two.
To start with, an RICS Homebuyer Report is considered to be a medium type of survey. The RICS actually place a description of a level 2 survey upon this.
The RICS report involves a surveyor visiting the property prior to the property purchase taking place and assessing all defects and issues that they locate.
They do this by working room to room within the property and then wall to wall externally.
A full Building Survey is exactly the same, and realistically if you saw a surveyor undertaking each of these respective pre-purchase surveys you wouldn’t be able to tell the approach apart.
The distinct difference between the two very much comes down to the depth and information that the RICS surveyor goes into when preparing the report.
With a full Building Survey, the surveyor will naturally go into a greater level of detail in both the explanation of what the problem is, however also on what is required to rectify it. A full Building Survey will also include a cost assessment of the necessary rectification.
This therefore ensures that the pre-purchaser and property buyer is fully informed on all defects within the property, however also fully informed on the likely cost repair in that regard.
An RICS Homebuyer Report takes the exact same approach and in almost all cases here at Stokemont the level of detail that we go into in an RICS Homebuyer Report is not that dissimilar to a Building Survey.
However, there won’t be any specific input or advice on the cost of the repairs or defects that are noted.
Here at Stokemont, we are regularly out and about undertaking these types of surveys and generally speaking we take the view that RICS Homebuyer Reports are an excellent pre-purchase survey for flats and maisonettes, with full Building Surveys being the best possible report for all types of houses, including terraced, semi-detached and detached.
When making your pre-purchase survey selection, it is important to have a full understanding of what you will be getting, we would therefore advise that you take a look at both the RICS Homebuyer Report example that we have got on our website, as well as the full Building Survey example.
Both of these surveys will definitively set out what is and is not included.
We would also advise a more thorough survey, such as a full Building Survey if the property has a significant amount of defect that is noticeable to you, or is being marketed in such a manner whereby generic phraseology such as in need of renovation, development potential, or opportunity to refurbish, is mentioned.
In any event, irrespective of which pre-purchase survey you select, it is important that you always have a full understanding of all facets and defects of the property you are purchasing, as this will fully ensure that you are aware and informed prior to proceeding with the sale.
Here at Stokemont we would always advise that you discuss any of the findings and concerns set out within the pre-purchase survey with your RICS surveyor, as that would ensure that you have got the full peace of mind and are proceeding in the knowledge of all of the facts.
If you would like to arrange a pre-purchase survey of a property you are purchasing, get in touch with our team of experienced and qualified RICS surveyors today and we will be more than happy to assist and advise you.
