The Royal Institution of Chartered Surveyors has introduced a new HomeBuyer report without a valuation.
The long-established HomeBuyer report with a valuation continues as before. This includes a description of each element of the property with colour-coded condition ratings, comments on defects and advice on repairs, plus a market valuation and a reinstatement cost.
However, the HomeBuyer report without a valuation has the same components but of course without the valuation and reinstatement cost.
Earlier this year we reported that the RICS was keen to make a valuation an optional element of the long-standing HomeBuyer Report - in doing so, it now means RICS members who conduct surveys do not have to be registered valuers.
In the recent past Graham Ellis - the institution’s residential associate director - has called it an anomaly that HomeBuyer Reports carry valuations, while RICS’ other products (the Condition Report and the Building Survey) do not.
Full details of the RICS survey options can be found here.
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Good news as there is a world of difference between surveying skills and valuing skills. As an agent it is frustrating to have so many surveyors come in to the office to seek my opinion as to value, when technically speaking they are the professional valuer and I am not! But fair enough as most of them are at arms length from house sales. Its a shame that the Land Registry value calculator, which often gave a reasonably credible ball park starting figure, is no longer accessible via their website.
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