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A property survey is an important part of the process when buying a property. RICS have three different levels of property surveys and choosing the right one is important to ensure any serious problems are highlighted and inform you of the specific risks before you commit to the process of buying or selling a property.
The type of property survey you need depends on the age and condition of the property. The reports are as follows:
RICS Home Survey Level 1 | Previously called a Condition Report |
RICS Home Survey Level 2 (survey only) | Previously called a Homebuyer Report |
RICS Home Survey Level 2 (survey and valuation) | Previously called a Homebuyer Report and with the addition of a property valuation |
RICS Home Survey Level 3 | Previously called a Building Survey |
Note that in March 2021, the Royal Institute of Chartered Surveyors (RICS) introduced a new Home Survey Standard which involved new formats for the reports and a change to the report names that are more familiar.
An independent property valuation report is another type of property survey that can be undertaken for when confirmation of the property value is required. It should be carried out by a RICS surveyor.
The RICS Home Survey Level 1, previously known as a Condition Report provides a basic overview of a property's condition and the risks it may contain. It is the cheapest and least thorough home survey type available. It does not include a valuation.
A RICS Home Survey Level 1 involves the following:
The surveyor gives condition ratings to the main parts (the 'elements') of the main building, garage and some outside elements.
The condition ratings are described as follows:
Condition rating 1 | No repair is currently needed. |
Condition rating 2 | Defects that need repairing or replacing but are not considered to be either serious or urgent. |
Condition rating 3 | Defects that are serious and/or need to be repaired, replaced or investigated urgently |
R | Documents that it is suggested are requested before you sign contracts |
NI | Elements not inspected. |
It is important to note that a Level 1 Home Survey is the most basic report and does not include guidance and advice about what to do next. A Home Survey Level 2 or Level 3 may be more suitable depending on the property being purchased and the depth of information required.
A RICS Level 2 Home Survey, previously known as a Homebuyer Report is more indepth than the Home Survey Level and is the most commonly used survey type. It is suitable for conventional buildings and homes that are fairly modern, typically up to 50 years old. A valuation can be included if required.
A RICS Level 2 Home Survey involves the following:
What is included in a RICS Home Survey Level 2 report?
The report will give:
The survey does not open up the fabric of the buildings. This means the inspection will not include lifting fitted carpets or taking up floorboards.
Condition ratings:
The surveyor gives condition ratings to the main parts (the 'elements') of the main building, garage and some outside elements.
The condition ratings are described as follows:
Condition rating 1 | No repair is currently needed. |
Condition rating 2 | Defects that need repairing or replacing but are not considered to be either serious or urgent. |
Condition rating 3 | Defects that are serious and/or need to be repaired, replaced or investigated urgently |
R | Documents that it is suggested are requested before you sign contracts |
NI | Elements not inspected. |
RICS Level 3 Survey, previously known as Building Survey, provides a more detailed evaluation of a property's condition. It is a more in-depth property inspection than the
RICS Level 2 Home Survey. It covers:
The report does not include heating or electrics.
REPORT | WHAT IT COVERS | WHAT TYPE OF PROPERTY IS IT SUITABLE FOR? | COST |
RICS Home Survey Level 1 | Visible defects and a condition rating. Highlights issues in need of urgent investigation | Standard properties in a good state of repair, new homes | £300 - £900 |
RICS Home Survey Level 2 | More in-depth investigation. Detailed report to a set format. Condition rating. Advice on issues and action needed. | Standard properties in a reasonable state of repair | £400 - £1000 |
RICS Home Survey Level 3 | Indepth survey and bespoke report. Identify minor and major issues. Estimate of costs for repairing defects | For older and unusual properties, and those in a poor condition | £630 - £1500 |
REPORT | £100K - £249K | £250K - £349K | £350K - £499K | £500K - £1M |
RICS Home Survey Level 1 | £300 - £500 | £500 - £600 | £600 - £700 | £700 - £900 |
RICS Home Survey Level 2 | £400 - £600 | £600 - £700 | £700 - £800 | £800 - £1000 |
RICS Home Survey Level 3 | £630 - £800 | £800 - £900 | £900 - £1,100 | £1000 - £1,500 |
An Independent Property Valuation Report gives a legal and professional assessment of what a property is worth. The survey is undertaken by an independent surveyor to give an impartial valuation.
The survey will consider all factors that can affect the price of the property. This will involve an assessment of the property itself in terms of its size, accommodation, condition, tenure and location. The assessment will also take into account the wider area such as access to local amenities, transport and schools as well as a market analysis against other properties in the area and future planning for growth or development that may affect the property value. Photographs will usually be included in the report.
There are a number of reasons why a valuation report is undertaken as follows:
An independent property valuation survey taking into account factors like recent sales in the area and property market trends.
A mortgage valuation survey is carried out on behalf of and instructed by the mortgage lender. The objective is for the lender to gain confirmation the mortgage amount is appropriate for the offer price and so the valuation will look at any issues that could impact the value of the property. It is done before the lender approves the mortgage.