RICS Home Survey Reports
Do you want to buy a house? Find out how RICS Home Survey Reports can help you find the perfect property at the right price.
What is a RICS Home Survey Report?
RICS home surveys are independent and provide an objective assessment of the property to identify any significant issues.
An expert surveyor performs an inspection to determine whether a property is in good condition and provides a full report on the findings.
Home buyers commission a home survey after the seller accepts their offer on a property, although this is different for Scotland.
What are the different types of RICS home surveys?
There are three types of home surveys that you can commission before you buy a property. The levels vary from a more basic to an in-depth report. The property’s age and general condition determine which level survey to book.
RICS Level 1 home survey:
The Level 1 survey highlights significant issues, assessing the principal parts of the building, garage, and some outside areas (when applicable).
This report uses rates based on the urgency of maintenance needed, ranging from ‘very urgent’ to ‘no issues recorded.’ but doesn’t provide any advice on repairs or property valuation.
A Level 1 survey is best suited for newly built and modern homes in good condition.
You can download an example of the Level 1 report on the RICS website.
The cost of a Level 1 RICS survey will vary depending on the property value and size, survey provider, and surveyor’s availability. Still, as a general guide, the cost is between £250- £900.
RICS Level 2 house survey:
The most popular kind of survey for home buyers is the RICS Level 2 survey because it is best suited for most properties in reasonable condition.
The report highlights property problems covered in a Level 1 survey. Additionally, it looks for other structural issues, such as dampness and subsidence inside and outside the property (when applicable).
Level 2 surveys include the surveyor’s advice on repairs and maintenance in the report and are available with or without property valuation.
You can download an example of the Level 2 and valuation report on the RICS website.
During an inspection, the surveyor will not investigate issues hidden behind the walls or under the floorboards, as it is a surface-level assessment.
The cost of a Level 2 RICS survey will also vary, but as a general guide, the price is between £400- £1000.
RICS Level 3 house survey:
The most in-depth survey type is suited for older properties or where the property is not in good condition.
The report provides detailed information about the property’s structure and the costs of repairs using a simple 1 2 3 traffic-light system to identify areas needing the most attention.
You can download an example of the Level 3 report on the RICS website.
The surveyor will thoroughly inspect the property, including hidden issues behind walls or under the floorboards. As a general guide, a Level 3 RICS survey costs between £600-£1,500.
Why get a Home Survey Report?
Before buying a house with the help of CrowdToLive®, we ask home buyers to book a RICS Level 2 home survey with a valuation report.
We want to ensure that home buyers and our property investors don’t overpay for the house and that there aren’t any significant issues that could affect the valuation of the property in the future.
For first-time home buyers, the dream of moving into their new home could quickly become a nightmare if there are hidden issues that will cost a fortune to repair.
Repairs can be expensive and cause a great deal of inconvenience for the people living in the house.
Suppose there are some problems identified in the report. In that case, they could allow the buyer to get a better price for the property. Alternatively, the seller could fix the issues found before the buyer moves into the new home.
How long does it take to get a Home Survey Report?
It will depend on the surveyor’s availability in the area. Still, it typically takes 5 to 7 working days after inspection to get the report.
What are the most common problems found in surveys?
Home survey reports often find some issues with a property, particularly with older houses.
In our experience, most survey reports advise buyers to check the property’s electrical installation thoroughly.
The most common problems found on RICS surveys are:
- Problems with the electrical installation
- Problems with the central heating
- Damp and timber problems
- Problems with the roof, like leaks or dry rot
- Structural issues like subsidence, bowing, leaning, or bulging in external walls.
What to do if your survey uncovers problems?
RICS Level 2 survey reports will provide a clear picture of the house’s condition and necessary repairs.
If the issues found are not extensive and quick to repair, the seller will fix them before exchange and completion.
However, suppose the survey report shows significant problems that will be costly to repair. In that case, CrowdToLive® recommends that the buyer looks for a different property in a better starting condition.
A property that requires lengthy and costly repairs will negatively affect the property’s value and potential appreciation for new homeowners and investors.