If you’re planning on moving house in the new year, we recommend familiarising yourself with the brand new Royal Institute of Chartered Surveyors standard that comes into effect in June 2020.
Designed to simplify and unite all previous survey guidance, the new standard splits home surveys into three different levels depending on the sort of house you are looking to purchase.
Read on to find out more about the three survey levels, which one you need, why the new standard is being introduced, and what effect it could have on your buying process.
Which new RICS home survey is right for me?
The new home survey standard includes three different property levels to choose from:
RICS Condition Report – For fairly new, straightforward, and conventional houses.
RICS Homebuyer Report – For houses that are older and fairly standard but might need some work.
RICS Building Survey – For properties that are large, old, listed, or in need of renovation.
Why is the new standard being introduced?
Prior to the new standard, home surveyance was a minefield of different guidelines and complicated documentation.
The RICS is introducing the new standard to simplify the home survey process. It represents one, clear set of rules for all surveys from June 2020.
The new standard is based on a series of consultations with RICS members, lenders, and consumers – all of whom suggested a complete system overhaul and an updated, unified framework. The language in the new surveys will be simplified and all surveys will be standardised to provide more clarity for both buyers and sellers.
In simplifying the home survey in this way, the RICS hopes to highlight the importance of commissioning a survey before any house purchase.
What effect will the new standard have on my purchase?
The new RICS survey system is much clearer and easier to understand than the previous varied and numerous guidelines.
As a buyer or seller, you should find the survey process much more streamlined and efficient. Surveys should be much easier to understand and the standardisation means you’ll be more easily able to compare properties.
By splitting surveys into three levels, the RICS also ensure that every homebuyer is getting the right survey for their potential property. This could save you money by making sure you’re not paying for a service you don’t need.
We hope that tells you everything you need to know about the new RICS survey standard and what it might mean for moving house in the new year.
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For more information, feel free to contact us today.