Inspection Flashcards
What is a homebuyers report
The HomeBuyer Report (Survey) aims to:
• Make a reasoned and informed decision on whether to go ahead with buying the property
• Take account of any repairs or replacements the property needs; and
• Consider what further advice you should take before committing to purchase the property
The report is broken down into sections A-K, section A-D being introductory statements and descrition, sections E, F, G and H condition ratings to the main parts of the building.
What are the types of homebuyers report
HomeBuyer Report (survey). This includes all the features of the RICS Condition Report and provides advice on defects repairs, and ongoing maintenance.
HomeBuyer Report (survey & valuation). This includes all the features of the HomeBuyer Report (survey) and also provides a market valuation and insurance rebuild costs.
What are the condition ratings in the homebuyers report
3 - Defects that are serious and/or need to be repaired, replaced or investigated urgently.
2 - Defects that need repairing or replacing but are not considered to be either serious or urgent. The property must be maintained in the normal way.
1 - No repair is currently needed. The property must be maintained in the normal way.
NI - Not inspected.
What are some criticisms of the homebuyers survey
Only a visual inspection. This means that we do not take up carpets, floor coverings or floorboards, move furniture or remove the contents of cupboards. Also, we do not remove secured panels or undo electrical fittings.
Roofs, chimneys and other surfaces on the outside of the building are inspected from ground level and, if necessary, from neighbouring public property and with the help of binoculars.
Do not report on the cost of any work to put right defects or make recommendations on how these repairs should be carried out.
No great depth as only broken broadly down by element.
The report contains multiple caveats and exclusions in order to cover the surveyor should anything unseen be missed.
What is a Reinstatement cost assessment
If damage is done to the building the cost of knocking it down and rebuilding it (Net rebuild costs)
includes; demolition and debris removal, rebuild costs, professional and statutory fees, additional
costs to comply with current regs, any tenant alterations, external works e.g. utilities supply.
What does rieinstatement cost assessment report includes;
- Description of the property
- Specific exclusions
- Reinstatement costs
- Reinstatement period
- Elemental break down includes; element, description, rate, IPMS 2, Cost & Notes
How is a rieinstatement cost assessment undertaken
- General inspection before detailed
- Description of the property
- Consider demolition or rebuild restictions
- Consider deletourios materials are present (higher disposal costs)
- Take plently of Notes, Photos, Measurements (GIFA) and sketches
What are the types of cost reinstatment assessment;
- Day one reinstatement
- Reinstatement including inflation provision
- Reinstatement less wear and tear (indemnity basis)
- Obsolete buildings
- Site clearance, debris removal and ‘making safe’
- Second-hand value of building materials
What is Day one cost reinstatement assessment
Day one reinstatement - How most UK buildings are insured “new for old basis”. Declared Value - Cost of rebuilding on associated costs without inflation
What is Reinstatement including inflation provision
Reinstatement including inflation provision - Two separate parts to the policy, one sum is the declared value one allowance for inflation. Insurers accept a bargain of arrow of 15% at the time of loss
What is Reinstatement less wear and tear (indemnity basis)
Reinstatement less wear and tear (indemnity basis) Few buildings are insured on this basis of indemnity. Reduce value due to old age or poor condition upon assessment. Elements that have not useful life left will be valued at £0
What is Obsolete building reinstatement assessment
Obsolete buildings - Obsolete’ building is a poor risk carrying a high premium. Elements that have not useful life left will be valued at £0
What is Site clearance, debris removal and ‘making safe’ einstatement assessment
Site clearance, debris removal and ‘making safe’ costs only - Buildings due for demolition, if damage occurs it can be brought forward. If demolition costs increase due to damage it is to be made safe.
What is Second-hand value of building materials reinstatement assessment
Second-hand value of building materials - The value of items if they were sold on second hand. e.g. fireplace, roof tiles. Very rarely used.
