Property Surveys Explained
In this guide we explain the types of property surveys you might want to consider when purchasing a new home. A surveyor completes a survey on a property to assess the value, condition and advise whether there are any structural defects that might affect your decision to purchase the property or provide a road-map of works that need to be completed on the property to bring it up to standard.
Royal Institution of Chartered Surveyors (RICS)
RICS surveyors are widely recognised as the professional governing body enforcing and promoting the highest possible standards within the construction and infrastructure industry. RICS has over 100,000 registered surveyors and for mortgage purposes RICS surveyors are the authorised representatives to complete a property survey.
Types of Surveys
Basic Survey – Level 1 RICS Valuation Report
- This is the most basic report, generally suitable for newer properties to highlight any risks of purchasing the property
- Includes basic defects with a RAG rating ie. red requiring urgent attention, amber is recommended attention and green is good state of repair
- This report also provides a valuation of the property
Homebuyer Survey – Level 2 RICS Homebuyer Report
- This report is more detailed than the above valuation report, it includes further information of the properties condition for examples assessing the risk of current state of any damp in the property or subsidence
- It also provides some basic level advice on completion of repairs or works. This is the main value of the report for a home-purchaser to assess any potential costs when they move into the property
- The survey or property assessment is still fairly basic for example the surveyor does not lift floorboards, move furniture etc. therefore the report is still based on the ‘face-value’ repair of the property
Full Structural Survey – Level 3 RICS Building Survey
- A full building survey is the most detailed and comprehensive report you can have when purchasing a property.
- This goes above and beyond the Level 2 Homebuyer survey lifting floorboards, entering attic, moving furniture to assess the condition of the property beyond face-value
- This is important for older properties or properties in need of repair to assess the damage or renovation costs
- Beyond the detailed report surveyors can provide risk assessments of what might happen should repairs not be carried out
Speak to a Mortgage Expert to advise what survey might be appropriate for you, we can also complete a referral to a RICS qualified surveyor.