The
Homebuyer Survey and Valuation Report (HSV) is a service carried out to a standard
format, defined by The Royal Institution of Chartered Surveyors (RICS), primarily
designed for properties built within the last 150 years, which are of conventional
construction and in reasonable condition.
The HSV includes the following information:
- The property's general condition
- Any significant defects, in accessible parts of the property,
which may affect its value
- Urgent and significant matters that need assessing before
entering into exchanging contracts including recommendations for any further
specialist inspections
- Results of any testing of walls for dampness
- Comments on damage to timbers including woodworm or rot
- Comments on the existence and condition of damp-proofing,
insulation and drainage (although the latter will not be tested)
- The recommended reinstatement cost for insurance purposes
(the anticipated costs of re-constructing a building in the event of damage
by an insured risk e.g. fire). This is not the same as the market value
of the property
- The value of the property on the open market.
The HSV is not a detailed survey of every aspect of the
property and focuses only on significant and urgent matters. It's not
suitable for many properties which are more than 150 years old, those in need
of renovation or that you are planning to extend.
Information courtesy of The Royal Institution of Chartered Surveyors (RICS)
