Before purchasing any property, understanding its condition is of utmost importance. That’s where an RICS Home Survey Level 2, also known as a HomeBuyer survey comes in handy. This professional and objective assessment provides essential insights into the property’s condition, helping buyers make informed decisions.
What is a RICS Home Survey Level 2? (Homebuyer Report)
An RICS Home Survey Level 2 is a more detailed survey compared to the RICS Home Survey Level 1. It’s designed for properties that are older, more complex, or not in perfect condition.
Designed for Older or More Complex Properties
This survey is tailored specifically for homebuyers or homeowners seeking an independent assessment of a property. This approach works best when applied to older, unusual properties with unique features that require further inspection as well as those not in excellent condition.
The Process of a RICS Homebuyers Survey
This survey involves a detailed inspection of a property but does not involve conducting tests on the fabric or services such as electrics, plumbing, or heating systems. It’s designed to give an impartial third-party perspective of its current state of repairs and maintenance needs.
Upgrade from a Mortgage Valuation Survey
Mortgage valuation surveys, while necessary for lenders to ascertain a property’s value, only provide limited insight into its overall condition. This is why many people upgrade their survey to a RICS Home Survey Level 1, 2, or 3.
Why should you upgrade to an RICS Home Survey Level 2?
An RICS Home Survey Level 2 elevates the standard of your property evaluation. This detailed inspection uncovers any major concerns that might impact its worth or require future repairs, making this valuable for negotiations over purchase prices or establishing potential upkeep needs. If performed by a certified surveyor approved by your mortgage lender, these surveys could even serve as an alternative valuation method!
Key Components of a RICS Home Survey Level 2
An RICS Home Survey Level 2 offers a comprehensive overview of the condition of a building’s structure, state of repair, maintenance issues, and any defects. It also includes a market valuation and insurance rebuild cost, which are not included in a Level 1 survey.
Summary and Recommendations
It provides a summary of the property’s defects and the possible risks involved. It also makes recommendations on any repairs that are needed and advises on anything important that needs addressing.
Traffic Light System
The report includes a ‘traffic light’ system to categorise the condition of the property:
- Green (Level 1): No repair is needed.
- Amber (Level 2): There are defects that need remedial action but aren’t inherently dangerous or urgent.
- Red (Level 3): The defects could potentially be a risk and need immediate attention or urgent repair.
Home buyers survey example
A HomeBuyer Report is a comprehensive document that provides detailed insights into the condition of a property. For a practical understanding of what to expect, you can view a sample RICS Home Survey Level 2 Report here. This sample report will give you an understanding of its layout, the level of detail included, and how information is presented for making informed property purchase decisions.
What is a Level 2 HomeBuyer report with valuation?
A Level 2 HomeBuyer Report with valuation includes all the features of a standard Level 2 survey, plus a market valuation, providing an estimate of the property’s worth in the current market. For a practical understanding of what to expect, you can view a sample RICS Home Survey Level 2 report with valuation here.
Who Carries Out the Home Survey Level 2?
A surveyor who is accredited by the RICS – the Royal Institution for Chartered Surveyors should conduct the Home Survey Level 2, as they are the most knowledgeable on a range of property-related factors.
Importance of a Qualified Surveyor
The more experienced the surveyor, the better the report. It’s always recommended to use a qualified option to avoid costly complications in the future.
Importance of the Report
By understanding the importance of this report and utilising it effectively, you can ensure a smoother and more informed property transaction. The RICS Home Survey Level 2 is not just a document; it’s a roadmap that guides you through the property’s current state, highlighting areas that require your attention.
The Role of a Chartered Surveyor in a Home Survey Level 2
A qualified chartered surveyor should conduct a Home Survey Level 2. They bring their expertise and knowledge to bear on a range of property-related factors.
Why Choose a Qualified Surveyor?
Selecting an experienced surveyor is paramount to producing high-quality reports that address all aspects of the property being assessed, so selecting one now could save time and money later on. Opting for qualified surveyors helps avoid costly complications that arise later.
What Does the Surveyor Do?
A surveyor conducts a visual inspection of your property. This inspection does not involve testing any services within it such as electrics, plumbing or heating – instead providing an impartial third-party view on repairs and maintenance needs at your location.
Pricing for RICS Home Survey Level 2
Understanding the cost of an RICS Home Survey Level 2 is essential when planning your property purchase. The cost can vary depending on the report type and the property’s value.
The RICS Home Survey Level 2 covers the condition of the property, the relative importance of any problems, and provides advice on issues and repairs needed. It is suitable for standard properties in reasonable condition. The typical cost for this level of report ranges from £400 to £1000.
Cost by Property Value
The cost of an RICS Home Survey Level 2 can also vary depending on the value of the property. Here is a breakdown of the typical costs:
|Typical Cost of RICS Home Survey Level 2
|£100K – £249K
|£400 – £600
|£250K – £349K
|£600 – £700
|£350K – £499K
|£700 – £800
|£500K – £1M
|£800 – £1000
Note that these costs are estimates only; actual costs will depend on your choice of surveyor and property details. Always ensure to get a building survey quote from your chosen surveyor before proceeding.
The Value of a Home Survey Level 2 for Buyers and Sellers
Property owners typically request a Home Survey Level 2 conducted by a Chartered Surveyor.
Buyers can utilise property reports to help make an informed choice when it comes to choosing their next property, from whether it meets their needs and safety considerations, or whether any remedial works need completing before moving in or purchasing the property.
For sellers, a Home Survey Level 2 could help set a price that allows for selling the property as quickly as possible, taking into account any defects or issues. This removes any uncertainty around the sale and increases the desirability of the property.
Conclusion: The Power of Informed Decisions
In conclusion, an RICS Home Survey Level 2 is an indispensable asset when purchasing or selling property, providing a thorough assessment of its condition to quickly identify any potential problems which could highlight that the purchase price is too high. By understanding its significance and using it effectively during transactions, a RICS Home Survey Level 2 can ensure smoother transactions that better inform you. Knowledge is power; property transactions require knowledge as you make your transaction decisions – knowledge can only ever lead to improved decisions with better decisions made with proper consideration given over time!
FAQs about RICS Home Survey Level 2
What is a RICS HomeBuyer report?
An RICS HomeBuyer survey, or Home Survey Level 2, is a detailed survey that assesses a property's condition, identifies any significant problems, and provides advice on repairs and maintenance.
What is a Grade 2 house survey?
A Grade 2 home survey report, also known as an RICS Home Survey Level 2 provides a detailed assessment of a property's condition, highlighting any significant issues and offering advice on repairs.
What is the average cost of a Level 2 house survey?
RICS Home Survey Level 2, typically ranges in cost between £400 and £1000 depending on the value and complexity of your property.
How do I get a homebuyers survey?
For a HomeBuyer survey, hire a RICS-accredited surveyor either yourself, through a broker, or via your lender. The surveyor will conduct the inspection and provide you with a full report detailing its condition.
What is the difference between a Level 2 and a Level 3 survey?
Level 2 property surveys offer an in-depth view of a property's condition while Level 3 surveys provide more in-depth analyses. The RICS level 3 survey previously known as the RICS building survey is best suited to larger or older properties to ensure that you have no unexpected repair costs once moving into the property, with estimates for repair costs included in their report.
Is a homebuyers report worth it?
Yes, HomeBuyer Reports are well worth their cost as they provide invaluable insights into a property's condition - helping buyers make informed decisions and potentially saving them from expensive repairs in the future.