Understanding RICS Surveyors' Reports: What to Expect from Your Survey

Navigating the property market and purchasing a home is a significant milestone. To ensure a sound investment, understanding the condition of the property is crucial. In this guide, we’ll delve into RICS (Royal Institution of Chartered Surveyors) surveys, offering clarity on what to expect when commissioning one.

We will explore the different types of homebuyers reports available, including the RICS Level 1, Level 2, and Level 3 surveys, as well as discuss the benefits of having a homebuyers report, empowering you to make informed decisions. Put yourself in the best position to buy your new home - keep reading to learn more about property surveys and why you should invest in one.

What is a RICS Survey?

A RICS survey refers to a detailed property inspection that is carried out by a chartered surveyor, during which they will inspect the condition of a property, identifying any defects or issues and advising homebuyers so that they can make informed decisions when buying a new home.

It’s important to note that a RICS survey can only be carried out by a RICS chartered surveyor. ‘RICS’ refers to the Royal Institute of Chartered Surveyors, which is a globally recognised professional body that sets a number of standards for professionals working in land, property and the built environment.

When undertaking a RICS survey, then, you can rest assured that it will be conducted by a highly qualified professional who adheres to strict standards and ethics. The results of the survey itself, including any issues or defects found, will be noted in a trustworthy and comprehensive report known as a homebuyers report.

It is this report that homebuyers can refer to in order to help inform their decision making when it comes to buying a home.

Different Types of Homebuyers Reports

RICS Level 1 Survey (Condition Report)

An RICS Level 1 Home Survey, formerly known as a ‘Condition Report’, is the most affordable survey option, typically used for conventional properties and newer homes that are least likely to have issues.

It provides a description of the property's condition, identifies potential risks and legal issues, and highlights urgent defects. This survey is suitable for a conventional house, flat, or bungalow built from common building materials and in good condition. It will note defects but generally does not include advice on how to manage them, nor does it include a valuation of the property.

It’s important to note that only visual inspections of obvious areas are undertaken in a Level 1 Survey.

RICS Level 2 Survey (Homebuyer Report)

Formerly known as a ‘Home Buyer Report’, an RICS Level 2 Home Survey is best suited for conventional properties that are in reasonable condition with a simple layout and form (for example, a property without multiple alterations or extensions).

These are considered more comprehensive than Level 1 surveys, as they also include more extensive roof space and drainage chamber inspection. The report provides detailed information about the property and outlines any recommendations for future repairs or maintenance. A Level 2 survey can be a survey only or a survey and a valuation.

A Level 2 Home Survey with a valuation includes all the features of the RICS Level 2 Home Survey, plus a market valuation and insurance reinstatement figure. This helps you to avoid under- or over-insurance and helps to assess how accurate the asking price is.

RICS Level 3 (Building Report)

An RICS Level 3 Home Survey is the most comprehensive survey report available, previously known as an ‘RICS Building Survey’. This survey offers an extensive, in-depth analysis of the property’s condition, including advice on any defects, recommended repairs and maintenance options.

Whilst still primarily a visual inspection, a Level 3 survey will also look at concealed areas of the property, where it is safe and reasonable to do so.

As the most comprehensive survey type of the three, you should choose an RICS Level 3 Home Survey if you’re dealing with a large, older or run-down property, a building that is unusual or altered, or if you’re planning on undertaking major works to the property after buying it.

How Much Do Homebuyers Reports Cost?

The cost of having a home survey is dependent on a number of factors. Firstly, the size and value of the property being surveyed will affect the survey cost. Typically, larger and more highly valued properties will likely require higher survey costs. Similarly, the age and condition of the property will also have an effect; older properties and those that have obvious issues will require more extensive surveys, thus incurring more costs.

Lastly, there are also surveyor fees to consider. There isn’t a set number charged by all surveyors, instead each sets their own fees, so this isn’t something to factor into the overall cost. It’s also worth noting that the area you live in or are looking to buy in can also affect all of these factors, for example a property in London is likely to result in higher survey fees than a property in Liverpool.

On average you can expect the different levels of surveys to cost the following:

●      Level 1: Anywhere between £300-£900

●      Level 2: Anywhere between £400-£1,000

●      Level 3: Anywhere between £600-£1,500 (possibly more)

The Benefits of Having a Homebuyers Report

Identify Potential Issues

Whilst it can be tempting to want to cut corners when buying a property by simply relying on your own judgement to assess its condition, this isn’t a reliable way of identifying any potential issues or defects that a professional surveyor is much better suited to noticing.

By identifying any defects or problems before signing the contract, you can negotiate with the seller to get these rectified before you go ahead with the sale, ensuring everything is in order before you then move in.

Professional Advice

Chartered surveyors have the expertise and knowledge required to be able to accurately assess the existing and potential condition of a property. They can then use this knowledge to provide you with trustworthy advice on what actions they recommend you take as a result of the information found in their survey.

This allows you to make a more informed decision about whether to proceed with the purchase or to consider alternative options.

Negotiate on Price

If your homebuyer report comes back showing issues or defects that would need rectifying, then this also offers you leverage to negotiate the asking price for the property. By using the information provided as facts for the costs you could expect to incur fixing any issues upon moving into the property, you can negotiate a lower price from the seller to account for these.

Manage Expectations

Statistics show that less than 25% of homeowners invest in a property survey before purchasing a property. However, of the homeowners that didn’t invest in one, 1 in 5 regret not doing so.

By investing in a property survey, you’re much less likely to encounter any costly surprises later down the line that could’ve been otherwise identified prior to purchasing the property. Instead, you will be going into your property purchases knowing exactly what to expect in terms of costs and the property’s condition.

A Surveying Company You Can Rely On

Don’t be one of the homebuyers that regrets not getting a home survey. Here at AMS Surveys, your reliable property surveyors in Liverpool, we offer both Level 2 and Level 3 property surveys for your convenience.

Want peace of mind before buying your property? Contact us today to arrange your comprehensive RICS survey.