Property Condition Reports also known as a Condition Survey
A Property Condition Report, also sometimes known as a Condition Survey, is a straightforward survey.
The RICS Condition Report is a new report format introduced in 2011 which gives buyers of conventional property and newer homes (Flats, houses or bungalows (Built within the last 10 years)) a clear and concise picture of the condition of the property at an affordable price.
The Condition Report does not include an opinion of value as it is designed to complement a mortgage valuation. 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.
What does a Property Condition Report include?
- A clear and concise snapshot picture of the condition of the property you are considering buying, at the time of the inspection
- A summary of the key risks associated with the condition of the building and other matters including guarantees, planning and building control issues for your legal advisers
- A simple traffic light (red, amber, green) colour coding system to rate the condition of different parts of the building, services, garage and outbuilding, highlighting problems that require attention
- A basic level survey report that gives you an overview to help you understand the construction of the property you are purchasing, any urgent problems that need addressing and any areas of further investigation prior to purchase
- An economic report to provide you with important information at an affordable price. No advice or valuation is included but this can be provided as an additional service.
Good for first-time buyers on a budget
A Condition Report is generally a good match for first-time buyers who are on a tight budget and for those looking to buy property with a view to letting. It is a RICS approved report that provides an insight to the condition of the property highlighting issues that need attention before the purchase or sale of a residential property.
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.
Condition Rating and Definition
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