16 Aug What is a Homebuyer Survey?
What is a Homebuyer Survey?
A Homebuyer Survey (an RICS ‘Level 2’ survey) is a non-intrusive visual inspection of a house or apartment. A surveyor will inspect visible areas in your property to report on the condition of the home and highlight any defects. It will give you an excellent overview of any serious problems with the property and can be a great choice for anyone buying a modern property in fairly good condition.
How does a Homebuyer Survey compare to other survey types?
A Homebuyer Survey is a briefer version of the RICS Building Survey, but more comprehensive and detailed than the mortgage valuation and RICS Condition Report. The survey is classed as survey level 2 and is RICS’s most popular survey. The cost of the Homebuyer Survey will depend on the size and value of the property to be inspected.
The surveyor will look for obvious visible problems, but will not, for example, lift up floorboards or carpets or move furniture – for a more comprehensive inspection, the Level 3 ‘Building Survey’ is recommended.
Our Homebuyer Surveys are carried out by RICS chartered surveyors and are suitable for conventional and modern homes in a reasonable and good condition. For older, non-standard, or more dilapidated homes, a more detailed Building Survey is recommended to uncover more hidden and less visually obvious issues.
With the Homebuyer Survey, your report will include all the features of a Level 1 Condition Report as well as advice on urgent defects, how they will affect the property and its value, and offers maintenance and repairs advice. Allcott Associates’ Homebuyer Surveys also a market valuation and insurance rebuild costs.
What Does the Homebuyer Survey Include?
The Homebuyer Survey includes a visual inspection of all major indoor features including ceilings, roof, walls, and bathrooms, as well as permanent outdoor buildings and features including windows, roofing, pipes, gutters, walls, and doors. A surveyor will further inspect the heating, drainage, electric, gas/oil, and water services and comment on energy efficiency.
The Homebuyer Survey uncovers any serious structural problems with the building such as subsidence. The surveyor will also inspect damp-proofing, drainage, insulation, and damp test the walls to ensure damp is not present in the property. They will further investigate the condition of visible sections of the property’s timbers for woodworm and rot. They will also check if the septic tank needs septic tank cleaning or pumping services.
The property survey includes details of all major faults. The building surveyor will also offer some advice repairs and maintenance advice on how to rectify these faults.
Your Homebuyer Survey will provide outline information on the property being surveyed and its location. Your RICS chartered surveyor will also highlight specific areas where you will need to consult a legal advisor to further investigate these issues and seek specialist attention.
You will also receive a valuation of the property, which can be used to negotiate its price. Your surveyor will also provide you with a reinstatement value, which is an estimate of the cost of rebuilding the property for insurance purposes.
Homebuyer Surveys by Allcott Associates
A survey with Allcott Associates will help you avoid unexpected costs further down the line and budget for repairs, enable you to negotiate on the price of the property, or ask the seller to complete repairs before you move in.
Most importantly, it will give you complete peace of mind that you know exactly what you are buying so that you can make a fully informed decision on whether to proceed with the property purchase.