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Written by Ruban Selvanayagam
Ruban Selvanayagam
Ruban Selvanayagam is a professional cash homebuyer, private rented sector landlord, auction specialist, blogger and media commentator.
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Edited by James Durr
James Durr
James Durr is a passionate property entrepreneur with a strong foundation and background in business.
A house is the most expensive purchase most people will make in their lives, so it’s important to know what you’re letting yourself in for.
Since most people don’t have the specialist knowledge needed to investigate themselves, a Level 2 Homebuyers Survey provides a practical way to reduce those risks, giving buyers the info they need to purchase with confidence.
In this article, the professional homebuyers Property Solvers run through exactly what a homebuyers survey covers, typical costs, how they compare with other survey types and more…
Homebuyer Survey
(Level 2) Quote
What is a Homebuyers Survey?
A house survey is a report that a property surveyor conducts to assess the condition of the property a buyer is interested in purchasing.
There are a few different types of home surveys, including:
- RICS Home Survey Level 1
- RICS Home Survey Level 2
- RICS Home Survey Level 3
- RPSA Home Condition Survey
- RPSA Building Survey
The Royal Institution of Chartered Surveyors (RICS) and the Residential Property Surveyors Association (RSPBA) are two different organisations that oversee property surveyors.
Using a surveying company that’s regulated means you can rest assured they comply with the relevant standards and hold professional indemnity insurance.
Although this article focuses on the Level 2 RICS Home Survey, it’s worth understanding how the different types of home surveys compare…
RICS Surveys
A Level 1 RICS Home Survey (previously called a Condition Report) is the most basic option offered by RICS. It covers various parts of a building, grounds, and services, plus a summary of risks. It’s often used by mortgage companies before they agree to lend funds against a property.
Then there’s the Level 2 RICS Home Survey, a mid-level survey that’s also referred to as a Home Buyer Report or Homebuyer Survey. It covers everything of the Level 1 report, but also involves a check of roof spaces and cellars and offers recommendations. Plus, there’s the option to add a valuation to the report.
Finally, the Level 3 RICS Home Survey is a full structural survey that was previously called a RICS Building Survey. This is the most comprehensive option as it covers an inspection of other potential or hidden defects and details the work needed to repair them.
RICS vs RPSA Homebuyers Surveys
An RPSA Home Condition Survey is a survey report that offers roughly the same amount of information as a Level 2 RICS Home Survey.
The RPSA also offers a Building Survey, which is a more comprehensive version of the home condition report. It includes a breakdown of risks and defects in areas not covered by a basic inspection, suggests what to do about them and details what to expect from repairs.
The table below highlights the service features of the different levels of house survey:
| Service Features | Level 1 (Outline Survey) | Level 2 (Survey) | Level 2 (Survey and Valuation) | Level 3 (Advanced Survey) |
|---|---|---|---|---|
| Describes the construction and condition of the property on the date of the inspection. | X | X | X | X |
| Aims to identify any problems that need urgent attention or are serious. | X | X | X | X |
| Aims to identify things that need to be investigated further to prevent serious damage. | X | X | X | X |
| Aims to tell you about problems that may be dangerous. | X | X | X | X |
| Aims to show up potential issues and defects, before any transaction takes place. | X | X | X | X |
| Aims to help you decide whether you need extra advice before committing to purchase. | X | X | X | |
| Aims to enable you to budget for any repairs or restoration. | X | X | X | |
| Aims to advise you on the amount of ongoing maintenance required in the future. | X | X | X | |
| Provides a reinstatement cost to help you avoid under or over-insurance. | X | |||
| Provides a market valuation. | X | |||
| Aims to establish how the property is built, what materials are used and how these will perform in the future. | X | |||
| Aims to describe visible defects, plus exposing potential problems posed by hidden defects. | X | |||
| Aims to outline the repair options and give you a repair timeline, whilst explaining the consequences of not acting. | X | |||
| Where practical and agreed, provides an estimate of costs for identified repairs. | X | |||
| Provide specific comments on energy efficiency. | X |
You will receive this information in a paper and/or PDF report.
The most common problems a survey uncovers relate to the roof, central heating, electrical installation, and damp or timber.
What Does a Homebuyers Survey Cover?
Now, let’s take a more detailed breakdown of what a Level 2 homebuyer report actually includes.
Some of the aspects the report covers includes:
- Ceilings and floor
- Roof structure and coverings
- Wall structures and partitions (outside and inside property)
- Windows
- Woodwork
- Built-in fittings
- Bathroom fittings
- Fireplaces, chimney breasts, flues, and chimney stacks
- Garages and outbuildings
- Rainwater pipes, gutters, and drainage
- Doors
- Conservatories and porches
- Electricity, gas or oil, and common services
- Water and water heating
- Heating
Note that, since this kind of survey is non-intrusive, the RICS surveyor won’t look under carpets or around furniture to find defects.
Mortgage Valuation Survey
As mentioned, a Level 2 Homebuyers report may include a valuation.
This optional valuation survey includes an insurance reinstatement figure and a breakdown of factors that negatively affect a property’s market value.
It also covers a surveyor’s recommendations about:
- Areas that may need further investigation
- Cost of repairs
- Amount of future maintenance
- Legal matters (including disputes)
Homebuyers Survey Results
The house survey uses a traffic light rating system to describe the condition of the property.
It will be assigned one of the following (outlined in more depth in the illustration below):
- No repair needed
- There are defects but no need for urgent repairs
- Issues should be investigated urgently and fixed.
Homebuyers Survey Sample
To find an example of a Homebuyers Survey, click on the box below…
Sample Homebuyers Report (Level 2)
Sample
Homebuyers Report
(Level 2)
Homebuyers Report vs. Building Survey
A homebuyers report is suitable for conventional houses, including bungalows and flats made from common building materials.
However, it may be insufficient for certain kinds of properties, such as those built more than 130 years ago or from more unusual materials. Plus, buyers who intend to carry out extensive renovations may benefit from a more detailed assessment.
The RICS building survey provides a more comprehensive inspection, so it may be a more suitable choice for these scenarios.
How Much Does a Homebuyers Survey Cost?
A Level 2 Homebuyers Survey generally costs at least £400, and it may be more in some cases.
The cost varies depending on:
- The surveyor used and the firm’s reputation
- Location
- Property value
- Complexity of issues within the property (affects how long the inspection takes)
- Whether a valuation is opted for (this typically costs an extra £250)
If the surveyor comes across structural or electrical issues, they may recommend enlisting further reports from a specialist, which means further costs.
Cost of Full Structural Survey
A full structural survey generally costs at least £600, and it doesn’t include a valuation.
Homebuyer Survey
(Level 2) Quote
What is a Homebuyers Survey?
A house survey is a report that a property surveyor conducts to assess the condition of the property a buyer is interested in purchasing.
Is a Homebuyers Survey Worth It?
Since buying a home is one of the biggest financial commitments most people make, it’s wise to ensure you understand a property’s condition before you take the leap.
This ensures you understand the scope of any future maintenance liabilities instead of facing significant unplanned repair costs. It can also let you know about any discrepancies in the EPC assessment.
According to RICS, those who go without a survey face £5,750 in repairs after moving in – which is far more than survey costs.
Plus, a report ensures that the value of the property is accurate. This is imperative for mortgage valuations – without an assessment from a regulated surveyor, you will be relying on the mortgage lender to make the correct valuation.
If the property survey indicates that the valuation may be overstated, there’s a potential opportunity to renegotiate.
In the worst-case scenario, it also gives you the opportunity to back out of the sale. This may be frustrating after setting your heart on a property, but it’s a better outcome than buying a house that isn’t in a reasonable condition.
How Long Does a Homebuyers Survey Take?
It typically takes a surveyor 2-4 hours to carry out a valuation survey. You will then receive it in 3-5 days (usually by email).
However, there’s some variation depending on how busy the surveyor is and how large or complex the property is.
Homebuyers Survey Quote
Most of the time, you’ll get a quote for your Homebuyers survey when your offer on a home has been accepted and the conveyancing process is underway. but you haven’t yet exchanged contracts.
Are Home Surveys a Legal Requirement?
House surveys are recommended to help buyers go into a home purchase with full information. However, they’re not a legal requirement, and some people take the risk of buying a house without one.
Bottom Line
Homebuyers surveys are an important step in the house buying process for buyers who want to know what they’re signing up for. It might cost a few hundred pounds upfront, but it can save you thousands in the long run!
When selling your house to Property Solvers through an instant cash offer, we will arrange a Homebuyers Survey on your behalf to reach our valuation.
Best of all, the cost is covered as part of the process, giving you one less thing to worry about. Contact us today to find out more about how we can organise a quick house sale for you.