RICS Home Surveys Explained: Options and Costs

When buying a property in the UK it is advisable that you get a property survey, which can also be known as a home or house survey, preferably drawn up by a RICs charted surveyor. The house survey is an experts detailed written report on the overall condition of the property, highlighting any potential or current issues. This will provide you with the necessary knowledge about the property to make an informed decision when considering buying. In England, Wales & Northern Ireland, it is not a legal requirement to have a RICS home survey before buying a property, but it is highly recommended. In Scotland things are a little different, as every house for sale has to have a Home Report, which includes a Level 2 survey and valuation, with the seller arranging the report before putting the property up for sale. A report can potentially save you money, if you are aware of any issues with the property before buying you might be able to renegotiate the cost of the property to reflect on the cost of the required repairs. It is certainly worth considering if the property is old, has a thatched roof or is a listed building.

The RICS or Royal Institute of Chartered Surveyors call it a Home Survey because it can be carried out on any residential property including flats , duplexes and other property types. There are 3 levels of survey, depending on the size, age, condition of the property. The surveyor will advise which one is best for you at the time of booking an appointment. The survey can take anywhere between a few hours to the whole day, depending on the size and condition of the property.

The 3 levels are:

Level 1 - Starting at a few hundred pounds, this first report was previously known as a condition report, and identifies risks and potential legal issues and/or any immediate defects. This is the lowest priced of the 3 reports and is generally for newer properties. This report however does not provide any suggestions or advice on how to manage any defects found.

Level 2 - This second report is similar to the first report, again for newer properties and conventional properties, identifying risks and defects, but in this report it will provide more detailed information on the property and issues, and also gives you ideas and advice on future repairs, and/or maintenance. It can be just a survey, or a survey and a valuation, giving you a third party indication on value. The cost of a level 2 is obviously slightly higher than the level 1, depending on the amount of work required.

Level 3 - This report can cost over £1000, again depending on the size of property, and amount of work/time required to complete the report, and is the most comprehensive report. Previously known as an ‘RICS Building Survey’, it gives you an extensive, in-depth analysis of the property’s condition, including advice on defects, repairs and maintenance options. This is for larger, older or run-down properties, a building that is unusual or altered, or if you’re planning major works.

The difference between the house survey and a mortgage valuation is the detail in the report. A mortgage valuation will only value the property for the purposes of the lender, and will not go into as much detail as the RICS home survey. When looking to book a home survey it is advisable to ensure that you get a professional regulated by the RICS, who will give you clear, impartial advice, and are bound by strict rules of conduct to protect consumers, as they also hold professional indemnity insurance.