The RICS Condition Report is a new report format introduced in 2011 which gives buyers of conventional property and newer homes a clear and concise picture of the condition of the property at an affordable price.
What sort of property is the RICS Condition Report suited to?
Choose this report if you’re buying or selling a conventional house, flat or bungalow built from common building materials and in reasonable condition.
The report designed to complement your mortgage valuation
The Condition Report does not include an opinion of value as it is designed to complement a mortgage valuation. If you need a valuation we can provide this in the alternative RICS Home Buyer Report, which has a similar level of inspection and reporting.
The RICS Condition Report is particularly suitable for first-time buyers on a budget, those buying property with a view to letting and sellers who require an idea of any defects which may be raised by a buyers surveyor.
The report is written in plain English using easy to understand “traffic light” ratings to reflect the seriousness of defects. The report also has a section on advice for your Legal Adviser.
The benefits of a RICS Condition Report Include:
- The report is written in plain English.
- Using easy to understand “traffic light” ratings to reflect the seriousness of defects.
- It includes a concise description of the construction and condition of the property.
- The identification of problems which are serious or require urgent attention.
- Information on items requiring further investigation.
- Information on problems which may be dangerous or pose a risk to the building.
- Advice for your Legal Adviser or things for them to check.
Staying at home or remortgaging?
The RICS Condition Report is also useful as a survey of the current condition of your home: it will warn you of defects and help you avoid escalating repair and maintenance costs in the future.
It will also be extremely useful if you’re thinking of remortgaging to advise you of repairs and issues that might cause your mortgage lender to restrict the amount they will lend or refuse the loan based on issues with the property.
Selling a home
An RICS Condition Report can help you prepare for selling your property. It will show you any problems that may delay your sale or cause price reductions later in the process.
Ask us for a detailed ‘Description of the RICS Condition Report Service’ leaflet.