If your prospective new home has only been recently built (less than 150 years old) you may wish to consider the alternative of a RICS HomeBuyer Report which will probably work out to be slightly lower cost. This report follows a format specified by the RICS and is generally suitable for situations where major problems are felt to be unlikely. It replaces what the RICS previously referred to as a Homebuyer Survey.
The new Home Buyer Report is a standard format inspection and report carried out by a Chartered Surveyor who must be licensed for this service with the Royal Institution of Chartered Surveyors (RICS). The RICS launched the new report format in July 2009. From 1 April 2010, the previous Homebuyer Survey & Valuation (HSV) report format is withdrawn. The RICS says the new format is an improvement on the old HSV format in as much as it is easier to read, more streamlined and generally more consumer friendly. It is less comprehensive than a Building Survey but more comprehensive than a simple Valuation.