Is a RICS Level 2 Survey Right for Your Property Purchase?

When purchasing a property, one of the most important decisions you’ll make is whether to commission a property survey. A survey can provide peace of mind, ensuring that the property you're buying is in good condition and free of hidden issues. Among the most common surveys is the RICS Level 2 Survey, also known as the HomeBuyers Report. But what exactly does this survey entail, and is it the right choice for your property purchase?

In this blog, we’ll explain what a home buyer's survey level 2 is, who it’s best suited for, what’s included in the report, and how it compares to other survey options. We’ll also offer advice on when to choose this survey, based on your property’s condition and your specific needs.

What is a RICS Level 2 Survey?

A RICS Level 2 Survey, or HomeBuyer Report, is a standardised property survey carried out by a registered RICS surveyor. This survey is designed to provide homebuyers with a clear and concise understanding of a property's condition and any significant defects or issues.

The RICS Level 2 Survey is typically recommended for modern or fairly standard properties that are generally in good condition. This survey doesn’t go into the level of detail that a more comprehensive Level 3 Survey (Full Building Survey) would, but it provides enough information for most homebuyers, particularly those purchasing homes that are less than 50 years old or in relatively good shape.

What is Included in a RICS Level 2 Survey?

The RICS Level 2 Survey includes several key elements designed to give you a thorough overview of the property’s condition. Discover them below.

Condition Ratings

The surveyor will assign condition ratings to various parts of the property, from the structure and roof to the windows and plumbing. These ratings range from:

●      Condition Rating 1 (Green): No repairs needed.

●      Condition Rating 2 (Amber): Defects that require repairs or monitoring.

●      Condition Rating 3 (Red): Serious or structural issues requiring urgent attention.

This helps you to quickly identify areas of concern and the urgency of any necessary repairs.

Major Defects

The survey will highlight any major defects or issues that may affect the structural integrity of the property or its long-term condition. This could include problems like subsidence, damp, or major electrical faults. These findings are important for negotiating the purchase price or deciding whether to go ahead with the purchase.

Market Value

The survey will also provide an estimate of the property's market value, which can be helpful in ensuring that you are not overpaying for the property based on its condition.

Advice on Repairs and Maintenance

The surveyor will offer advice on any repairs or maintenance work that may be needed in the short or long term. This can help you plan your budget for home improvements or renovations after the purchase.

Additional Services

Depending on the specific surveyor and the property, additional services may be available, such as advice on the energy efficiency of the property or environmental factors like flooding risks. Always check with your surveyor to ensure you know exactly what services are included in your survey.

Who Should Choose a RICS Level 2 Survey?

The RICS Level 2 Survey is best suited for homebuyers purchasing modern, relatively standard properties in good condition. If the property you're considering is a fairly typical home, such as a new build, a post-1930s property, or a well-maintained house built within the last 50 years, then a Level 2 Survey will likely be the most suitable choice.

This survey is also ideal for those who don’t need a full structural survey (which would be covered in a Level 3 Survey) but still want to ensure that the property is structurally sound and free of major issues.

How Does a RICS Level 2 Survey Compare to Other Surveys?

When deciding between different types of surveys, it’s important to understand how the RICS Level 2 Survey compares to other options, such as the RICS Level 1 and Level 3 Surveys. Here's a comparison of the three.

RICS Level 1 Survey (Condition Report)

The RICS Level 1 Survey is a basic survey that provides a simple overview of the property’s condition. It’s best suited for newer properties or homes that are in excellent condition and do not require an in-depth investigation. This survey offers a basic condition report, highlighting any obvious defects or issues that need attention. However, it does not include a market valuation, detailed maintenance advice, or extensive information on the property’s structure. This survey is ideal for buyers of very new or well-maintained properties who are looking for a cost-effective option.

RICS Level 2 Survey (HomeBuyers Report)

The RICS Level 2 Survey is a more detailed survey compared to the Level 1, offering a thorough overview of the property’s condition, including structural and maintenance concerns. It’s best for modern or standard homes that are generally in good condition. This survey includes a condition rating, an estimate of the market value, identification of major defects, and advice on necessary repairs. It’s ideal for homebuyers who need a clear picture of the property’s condition but don’t require a detailed structural analysis.

RICS Level 3 Survey (Full Building Survey)

The RICS Level 3 Survey is the most comprehensive survey available, providing an in-depth analysis of every aspect of the property. It’s best for older, large, or unusual properties, or homes that may have specific issues like damp or structural problems. This survey covers everything in a Level 2 Survey but goes into greater detail about the structure, including hidden areas such as the roof space and underfloor sections. It’s ideal for buyers of older properties, listed buildings, or homes that may require extensive renovations or repairs.

When Should You Choose a RICS Level 2 Survey?

A RICS Level 2 Survey is ideal for those purchasing properties that are not expected to have major issues, but still want to ensure that the home is in good condition. Discover some specific scenarios where you should consider a Level 2 Survey below.

Modern Homes

If you are buying a property built in the last 50 years that has been well-maintained, a Level 2 Survey provides a good balance of detail and cost.

Fairly Standard Properties

For typical houses, such as semi-detached or terraced homes in good condition, a Level 2 Survey is usually sufficient to identify any major defects that could affect the property's value or livability.

First-Time Buyers

If you're new to property buying, the Level 2 Survey offers a clear and understandable report that can help guide your decision without overwhelming you with technical jargon or unnecessary details.

Properties With No Obvious Issues

If the home looks well-kept and there are no obvious signs of damage or disrepair, a Level 2 Survey can provide reassurance that there are no hidden problems.

The Benefits of a RICS Level 2 Survey

Opting for a RICS Level 2 Survey when purchasing a property offers several advantages. Firstly, it is a more cost-effective option compared to a Level 3 Survey, making it an excellent choice for those seeking a comprehensive yet budget-friendly solution.

The Level 2 Survey provides a detailed overview of the property, offering more information than a Level 1 Survey, such as a market value estimate and insights into maintenance needs.

Additionally, the survey provides peace of mind by identifying potential issues early on, helping you avoid costly repairs in the future.

Finally, the findings from the survey can be valuable for negotiations, as they may provide leverage to negotiate a lower purchase price if any significant defects are found.

RICS Level 2 Surveys from AMS Surveys

A RICS Level 2 Survey (HomeBuyer Report) is an excellent choice for many property buyers, particularly those purchasing modern or fairly standard homes in good condition. It provides a clear, detailed picture of the property’s condition, highlights any major defects, and offers expert advice on maintenance and repairs. By choosing a Level 2 Survey, you can make a well-informed decision and proceed with confidence in your property purchase.

If you're unsure whether a Level 2 Survey is the right choice for you, or if you would like to discuss your specific property requirements, contact AMS Surveys today. Our experienced RICS Chartered surveyors are here to provide the expert advice and detailed reports you need to make the right decision for your residential property purchase.

Visit our website to learn more about us at AMS Surveys today, or get in touch directly to arrange our building consultancy services and ensure that your property purchase is safe, secure, and free from unexpected surprises.