Introduction to Home Buyers Survey
Buying a home is an exciting venture and a significant financial commitment. Therefore, conducting a comprehensive home buyers survey offers important insights to help you make informed decisions.
Getting a survey for your planned purchase is a smart choice. It can reveal problems that a seller may need to fix before you buy that dream home. If there are issues, you can ask for repairs or negotiate for a lower price. While a survey isn’t required, it can save you a lot of money.
What is a Home Buyers Survey?
A home buyer survey acts as a thorough inspection of a property. A surveyor examines the building condition and notes any issues. Basic surveys check the building, roof, and boundary walls for problems. More detailed surveys assess safety, drainage, and potential rot, ensuring you know what to expect before buying the property. The survey you choose will affect its level of detail and the overall cost of the survey. Typically, home buyers arrange and pay for the survey after their offer is accepted by the seller.
Where do I find a good surveyor?
A survey is best done by a Royal Institution of Chartered Surveyors (RICS)-certified professional.
A RICS Home Survey is a service provided by RICS members, following the RICS Home Survey Standard. They use the word ‘home’ as opposed to ‘house’ to include all types of residential properties, such as flats and houses. If someone is buying a residential property, A RICS Home Survey is important.
During the survey, a RICS professional will conduct a thorough visual inspection and deliver a written report. RICS members perform these surveys according to strict professional standards. This ensures that buyers receive reliable information about the property’s condition.
How much does a home buyer survey cost?
It depends. If you buy a £200,000 home, a basic RICS Home Survey may cost around £400. In contrast, a full structural survey for a £1 million home could cost over £1,500. Survey costs depend on three main factors: the type of survey, the property’s value, and its location.
Why do home buyer survey costs vary?
Fees may vary based on the level of detail in each survey type. When asking about costs, it is crucial to know which type you need. RICS updated survey titles in March 2021, modifying words like condition report and home buyers survey.
The types of RICS Home Survey are as follows:
RICS Home Survey Level 1
A Home Survey Level 1 cost between £300-£900, based on property location and value. The surveyor inspects the inside and outside for defects. They review walls, fences, and outbuildings. Also, the flats in common areas should be checked. Utility safety and efficiency together with checks for dangerous materials do not fall under their purview. Pools and sports facilities are inspected, not equipment. Damp metres and binoculars aid in visual inspections. Access restrictions are noted with advice on risks. Asbestos presence may be flagged. The report helps buyers understand property conditions before purchasing.
RICS Home Survey Level 2
A Home Survey Level 2 costs £400-£1000, varying by property location and value. The surveyor inspects inside and outside, notes defects, assesses boundaries and buildings, and inspects flat exteriors. However, it does not include utilities safety and material/environmental checking. The surveyor assumes asbestos management for flats. Also, they inspect roof spaces if accessible, but they do not cover swimming pools and sports facilities inspection. The report highlights issues for buyer consideration. Professional advice aids informed buying decisions.
RICS Home Survey Level 3
A Home Survey Level 3, also known as a full structural survey, costs between £630-£1,500, depending on property location and value. The surveyor conducts a thorough inspection, noting visible defects, and advising on property condition and repairs. Inspection includes boundaries, outbuildings, flat exteriors, and communal areas. It is not necessary to conduct safety utility tests. It is not necessary to conduct safety utility tests. The surveyor utilises tools such as dump metres for visual inspections. They also check roof spaces for damage if access is possible. Using damp metres, they undergo visual inspections and roof spaces checking for damages, only if access is possible. A report highlights concerns and advises further checks, helping buyers understand property conditions.
How can you ensure a fair price for the Home Buyers Survey?
Buying a home is already costly; avoid overpaying for your survey. Compare at least three quotes from different surveyors to find the best deal. Choose a surveyor who is a member of RICS to ensure professional standards and quality service.
To learn more about Home Buyers Surveys and other surveyor tools used by your local Chartered Surveyors, visit the College of Contract Management UK.
