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.