Building surveys

Buying a home: what type of survey will I need?

In this blog we explain the three types of surveys that are available to you if you’re buying a home. We’ll explain more about each in a moment, but let’s think first about the purpose of a survey.

Who is a survey for, when I’m buying my home?

If you’re borrowing money for your next home, whether that’s a house or a flat, new or older, a survey is normally required by your lender so that they can verify that the property has no high risks affecting its value, and whether they would be willing to lend money on the property.

They also need to be sure that if, for example, you did not keep up payments in your mortgage, and they possessed the property, they would be able to re-sell the property.

Enough talk of repossessions, back to surveys.

These three levels of survey are defined by the Royal Institution of Chartered Surveyors (RICS). These levels of surveys help prospective buyers make informed decisions based on the condition and potential issues of a property.

What are the three types of survey?

The three survey levels are:

RICS Condition Report (Level 1)
RICS HomeBuyer Report (Level 2)
RICS Building Survey (Full Structural Survey) (Level 3)

1. What is a RICS Condition Report (Level 1)?

This is the most basic and least detailed survey and is suitable for conventional properties in good condition. It is normally the survey required by a lender.

The Condition Report gives a summary of the property’s general condition, visible to the surveyor at the time of survey.

It highlights significant and urgent defects (or symptoms of problems) but doesn’t give extensive detail. Instead, it often refers the client to other specialists for an independent assessment.

For example, the surveyor might note some visible damage to the roof tiles and recommend to the lender that a roofing contractor inspects the roof to determine the scope of the work required and whether the current condition affects the value of the property.

This survey also includes a summary of risks, legal issues, and advice on repairs and maintenance.

2. What is a RICS HomeBuyer Report (Level 2)?

This survey is more detailed than the Condition Report and is suitable for conventional properties in a reasonable condition. It covers all of the elements included in the Condition Report together with advice on any defects that might affect the value of the property value.

The RICS HomeBuyer Report also usually includes a valuation and insurance reinstatement cost which is the price to rebuild the property in the event of major damage caused by fire, flood or other catastrophic event.

In addition, this survey also gives information on necessary repairs and ongoing maintenance.

3. What is a RICS Building Survey (Full Structural Survey) (Level 3)?

The RICS Building Survey, also known as a full structural survey is the most comprehensive survey. It’s suitable for older, larger, or non-standard properties, as well as properties in poor condition.

It provides a detailed analysis of the property’s condition and condition, and includes a thorough examination of all accessible parts of the property.

If you are buying a property that this is older, larger, or non-standard properties, or maybe in poor condition, this survey can provide detailed and valuable insight on defects, repairs, and maintenance. It will also include estimated repair costs and potential consequences of not addressing the issues that the survey details.

For more information on surveys please visit the Royal Institute Of Chartered Surveyors (RICS). External link to https://www.rics.org/consumer-guides/house-surveys-uk-the-costs-types-and-benefits-of-an-rics-home-survey

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