Level 2 Homebuyer Surveys RICS
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- Level 2 Homebuyer Surveys RICS
What is an RICS Level 2 HomeBuyer Survey?
A Home Survey Level 2, previously known as the RICS HomeBuyer Report (i.e. RICS Level 2 survey) is a mid-range survey. It is an inspection of the home by a qualified surveyor to look for obvious problems.
This majority of UK property surveys are a standard format and regulated by the Royal Institution of Chartered Surveyors. They use the same ‘condition ratings’ and, thus, similar language as the more detailed Level 3 Building Survey.
The HomeBuyer report will give a general impression about the property’s condition and form an opinion on whether the repairs are needed, but not get into a full discussion of the repair options and likely costs (only a potential outline). It may also give a very rough guide to the kind of environmental issues that could affect the property and raise any legal points that need investigating.
Do I need a HomeBuyer Report?
The RICS Home Survey (Level 2) is for people who are purchasing conventional properties that are in reasonable condition, whereas the Full Building Survey is more in-depth and suitable for larger, more unusual or expensive properties.
Both of them provide essential information about the property in question which is quite useful when it comes to determining whether or not the property has structural or other defects that may not have been disclosed prior to the sale.
Differences between Homebuyer Survey and Full Building Survey
Conventionally built homes that seem to be in good condition as recent builds are what Homebuyer surveys are for.
HomeBuyer surveys will give you a rough market valuation only if necessary. Such information is not included in a Full Building Survey.
The features, details and format of the HomeBuyer report separate it from the Full Building Survey report. First, the HomeBuyer survey report is developed using a report format with a traffic light system, marking the problems as urgent (red), not urgent (amber) or not present (green).
The report is easy to understand, but it doesn’t adjust to specific situations like the Full Building Survey report would. A Full Building Survey thoroughly assesses what you need and gives you a highly customised approach.
What does a Home Buyer survey include?
A Home Buyer survey includes the following:
- an examination of all accessible parts of the property
- detailed commentary on all main structural elements, such as the roof, ceilings, walls, and floors
- checks on the main services – heating, drainage, electrics, gas, and hot water – that the previous occupants would have used
- a review of the structural integrity of the property and any defects that might affect timber, and therefore, the structural integrity of the property, in the long term
- checks for dampness and things that might cause dampness if not properly maintained
- an overview of the maintenance condition of the property
- checks for environmental hazards like radon or mining subsidence; matters that could affect the occupants for a long time
- legal matters that could affect the property – covenants, rights of way, or anything else that might cause trouble in the future.
Why is a Level 2 Home Buyer Survey necessary?
A Home Buyer Survey, or Level 2 Survey, is a comprehensive inspection of a property performed by a chartered surveyor.
The surveyor assesses the visible and accessible components of the property and determines its condition. They then report back to the buyer using a simple traffic-light system.
A Home Buyer Survey doesn’t predict how long a property’s parts will last, but it can give the buyer a good idea of what condition the property is in and what repairs may need to happen right away. It’s worth the cost when you consider the information obtained can save the buyer thousands in the long run.
You may not be able to see everything in a non-invasive manner. This is why a property survey is necessary. It can potentially save you thousands of dollars in maintenance and repairs because it might reveal defects or poor construction that a mortgage valuation wouldn’t catch. Remember, though, a surveyor also isn’t going to lift up floorboards, move carpets, or shift heavy furniture to see if any defects are hiding in your home’s interior.
Is a Home Buyer’s Survey or a Full Building Survey more appropriate for you? If your prospective home is relatively new, standard in its construction, and appears to be in good condition, then a Home Buyer’s Survey is likely sufficient. However, if you’re considering an older property, one that is non-standard in its construction, or a more dilapidated home, then the Building Survey is always a better option.
Should I get a Homebuyer Survey or a Full Building Survey?
If a building is fairly recent, built in a normal way and looks well maintained, it is advised by RICS to conduct a Home Buyers Survey as a minimum. If the building you are interested in is either older, of non-conventional construction or in poorer condition, it is better to have a Level 3 Building Survey.
How much does a HomeBuyer Survey Cost?
It depends on how large the home is, its worth and where it’s located. Most of the time, the price is around £600 as a minimum. The report also gives you an option to renegotiate on the purchase price of the property you are interested in, so you effectively save money.
