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QuestionI'm looking to buy a new property and was told a RICS Condition Report was a good option - what is included?AnswerThe RICS Condition Report was first launched in 2011. It uses a traffic light system to identify any defects, but beyond that it is fairly limited.As the most basic survey report, it doesn’t include advice or recommendations for repair, or the likely costs of fixing different items. It can be used to negotiate on your price if defects are discovered. It is still simple and straightforward, presented in the traffic light system, but it is more comprehensive.Alternatively a HomeBuyer Reports is ideal for newer properties, or ones that don’t require much work.If you intend to buy an older or larger property, one of non-standard construction, or if you are planning to carry out extensive refurbishment or renovation works, you may be best opting for a full RICS Building Survey.A Building Survey is the most comprehensive type of residential survey and includes advice and recommendations on both visible and potential hidden defects. Although the surveyor won’t pull up floorboards or check behind walls, a Building Survey typically includes comments on roof space and drainage, grounds and services, as well as guidance notes on factors such as planning, guarantees and building control issues.
How much does a survey cost?For a property worth around £200,000 a Valuation £200, Homebuyers £450 and a Building Survey would be £550. Prices of surveys vary depending on the size and value of the property, along with location. In addition to the main house surveys, your Mortgage provider may request a Valuation report, these tend to cost between £120 and £350 depending on the property size and mortgage lender. Survey Cost Valuation Report£200 - £600HomeBuyer Report£450 - £1000Building/ Structural Survey£550 - £1300