What does a Condition Survey Report include?
When you’re planning to purchase a new property, it’s important to ensure that you have all the information that you need regarding the condition of the property before you complete the sale. While it may not be as pertinent when the property is fairly new and in good condition, it’s still worth having a survey carried out to confirm that the property does not have any major defects, faults or other problems that could become seriously expensive for you in the future.
If you are planning to purchase a property that is less than five years old, conventional and modern, and in reasonable condition, a condition report is worth getting. The condition report is the most basic type of survey available from RICS surveyors, providing buyers with a general report about the overall condition of the property using a traffic light system that categorises different areas of the property into green, amber and red based on any issues found.
What is a Condition Report Survey?
The condition report is a very simple type of building survey, which is generally only recommended for new properties under five years old and in reasonable condition. It does not go into a lot of depth and will only provide basic information about issues that have been found during the survey. Most of the time it is an ideal choice of survey for anybody who is interested in simply confirming that the property that they are looking to purchase is in good condition before completing the sale.
What’s Included in the Survey?
The condition report survey is a short and basic survey that will take around two hours to complete. The survey includes a general inspection of the property where the chartered surveyor will look at each area of the house to determine whether it should be listed as red, amber or green. You’ll also get more information on the property’s energy efficiency, location and local environment.
What is Not Included in a Condition Report?
Unlike other survey types such as a homebuyer’s survey or structural survey, the condition report that you will receive after the survey has been completed is very basic. You should not expect to receive any advice or recommendations on repairs that need to be carried out. A condition report survey will not include a valuation of the property and does not provide you with an estimated cost for the repairs that are needed.
How Do Condition Report Ratings Work?
During the survey, your chartered surveyor will check all areas of the property to determine the condition of each one. This will then be compiled into a report using a traffic light system. When you receive the report, you will see that different areas of the property have been categorised into either red, amber or green.
Red: Any area that has been placed in the red category will need immediate attention. This typically means that there are urgent or serious problems present that could be dangerous or will have an impact on the overall value of the property. If you receive a condition report with areas of the property highlighted red, then it may be worth investing in a more in-depth second survey such as a homebuyer’s survey or a structural survey.
Amber: Amber means that there are some issues present, but they are not serious. This rating is designed to inform you of any areas of the property where you are likely to need to carry out some repairs in the future. However, they will not impact the value of the property and are unlikely to pose any risks.
Green: Areas categorised as green do not have any defects or problems. You can simply maintain them as normal.
How Much Does a Condition Report Cost?
Since the condition report is the most basic type of building survey, you can also expect it to be the cheapest. The price of having a condition report carried out on a property will vary based on several factors including the surveyor that you choose and the size of the property. In general, an average home that has an average value of around £260k will require a condition report survey costing around £380.
Is It Worth Paying for a Condition Report?
If you’re planning to buy a property that is modern, new and in good condition, it’s worth paying for the peace of mind that you can get from getting a condition report carried out. The condition report will confirm the condition of the property for you and make you aware if there are any issues that you will need to address. However, bear in mind that since the condition report does not include any recommendations for repairs or an estimated cost of the repairs, you may end up spending more on further surveys if serious issues are found to be present in the property.
Should You Get a Condition Report or a Homebuyer’s Survey?
Most RICS surveyors and property experts will recommend paying extra for a homebuyer’s survey rather than a condition report. This is because for a small additional cost, the homebuyer’s survey goes into much further detail and provides you with more information compared to a condition report. In addition, the homebuyer’s survey will also include details that are not provided in the condition report, such as important recommendations for the repairs that will need carrying out, a valuation of the property and an estimated cost for the work that is required. For many buyers, a homebuyer’s survey is a more useful tool for saving money since it makes it easy to see exactly what needs to be done and how much it’s likely to cost, which can help with negotiating the selling price of the property.
A condition report includes a very basic building survey designed to give you a general overview of the condition of the property. It is only recommended for new properties that are in reasonable or good condition. Compared to other surveys, it includes a very basic amount of information and will not provide you with a valuation or any recommendations for repairs.