Purchasing a property is a significant investment, and it is essential to understand the condition of the building before committing to the purchase. To help with this, there are two types of property surveys that you can choose from:
Understanding the differences between the two types of surveys and knowing which is right for your property purchase can help you make an informed decision and avoid any potential problems.
RICS Level 2 (Homebuyer Report)
A RICS Level 2 is a less comprehensive survey suitable for newer or relatively straightforward properties. This survey provides a general overview of the property’s condition and highlights any major or urgent problems that need attention. The RICS Level 2 is typically less expensive than a RICS Level 3 and is a good choice for those looking for a basic overview of the property’s condition.
The Homebuyer Report will examine the property’s structure, exterior, roof, interior, and services such as heating and electrical systems. It will also provide information on the local area, including potential environmental hazards, such as flood risk or proximity to noisy roads.
RICS Level 3 (Building Survey)
A RICS Level 3, also known as a full structural survey, is a more in-depth survey suitable for older or more complex properties. This survey analyzes the property’s condition and identifies potential issues, including those that may not be immediately visible.
The Building Survey is a more comprehensive survey that covers all aspects of the property, including the structure, roof, walls, flooring, and windows. It also examines the electrical, plumbing, and heating systems, insulation, and ventilation. Additionally, the survey will identify any potential safety hazards and provide advice on how to address any issues that are found.
The RICS Level 3 is a good choice for those purchasing an older or more complex property, as it provides a more detailed analysis of the property’s condition and any potential issues that need attention. It is also a good choice for those planning major renovations or extensions, as the survey will identify any structural issues that need to be addressed before starting any work.
Choosing between a RICS Level 2 and a RICS Level 3
The choice between a RICS Level 2 (Homebuyer Report) and a RICS Level 3 (Building Survey) will depend on the age, complexity, and condition of the property you are purchasing. If you are buying a newer or relatively straightforward property, a Homebuyer Report may be sufficient. This survey will give you a basic understanding of the property’s condition and any major or urgent problems that need attention.
However, a Building Survey is recommended if you are purchasing an older or more complex property. This survey will provide a more detailed analysis of the property’s condition and identify any potential issues that need to be addressed. Additionally, a Building Survey will provide advice on how to address any issues found, making it a good choice for those planning major renovations or extensions.
Understanding the Pros and Cons of Homebuyer Reports and Building Surveys Before You Buy
|Homebuyer Report (RICS Level 2)||Building survey (RICS Level 3)|
|Less expensive.||More detailed examination of the property’s structure, fabric and services.|
|Suitable for conventional properties in reasonable condition.||Suitable for all types of properties, including older or unique|
|Provides a general overview of the property’s condition.||Includes a detailed assessment of any defects or issues found.|
|Includes color-coded condition ratings.||Includes an inspection of both internal and external areas of the property.|
|Does not provide as much detail as a building survey||More expensive|
|Not suitable for older or unique properties||Takes longer to complete|
|Does not include an inspection of the property’s structure and fabric|
In conclusion, choosing between a homebuyer report and a building survey will depend on the type of property you are buying and your individual needs. A homebuyer report is likely suitable if you are purchasing a conventional property in a reasonable condition. However, a building survey is recommended if you buy an older or unique property that needs significant repairs.
It’s essential to weigh the pros and cons of each survey and consult with a professional before making your decision. By understanding the differences between the two, you can make an informed decision and protect your investment.
Frequently Asked Questions