Buying a property is a significant financial commitment, whether you are a first-time buyer, making a shrewd investment, or purchasing your dream home. With the excitement of purchasing a house often comes a degree of apprehension, especially when it comes to understanding the true condition of the building you are committing to. This is where a RICS building survey is not just advisable, but absolutely essential.
A RICS (Royal Institute of Chartered Surveyors) building survey is a professional, and comprehensive assessment of a property’s overall condition, structure, and any potential issues, carried out by a qualified chartered surveyor to provide buyers with crucial information before closing on a purchase. Whilst a RICS homebuyers survey certainly provides peace of mind, there are a number of different survey options available, so it’s hard to know which one is right for you and your prospective property, without relevant advice.
At JTM Building Consultancy, as a RICS chartered surveyor, we understand that navigating these choices can be daunting, so we are here to provide clarity on the various RICS survey levels, helping you make an informed decision.
Why you need a RICS building survey
You’ve found your perfect property, perhaps even had an offer accepted. It’s certainly a momentous occasion, but before you get swept away with excitement, there’s a vital step that can stand to save you a lot of stress and expense down the line – getting a professional RICS homebuyers survey. While it may seem like an additional cost when you are already tallying how much the property will cost in the short term, a RICS survey is a must.
It provides important insight into your prospective property, providing the knowledge you need to proceed with confidence. Here are the key reasons why a RICS survey is essential:
- Protect your investment – safeguarding your financial and emotional investment.
- Identifying hidden issues – surveyors spot underlying structural problems such as damp, rot, and other critical defects that aren’t apparent to the untrained eye.
- Providing negotiating power – detailed information about the condition of a property can help you gain leverage to negotiate a lower purchase price, or to request the seller carry out necessary maintenance before completion.
- Budgeting for future maintenance – insights into immediate and long-term maintenance needs can help you to budget for this work more accurately.
- Peace of mind – knowing the true condition of a property and the potential risks and costs helps you make the important decision on whether or not to complete the purchase.
Understanding the RICS survey levels
There are 3 levels of RICS building surveys:
RICS Level 1 Survey
The Level 1 RICS survey is best suited for newer properties in good condition and with minimal concerns. This level of survey provides ‘Traffic light’ ratings (red, amber, green) to assess the condition of a property, along with a brief summary and limited advice for addressing any concerns found.
Whilst a Level 1 survey is a quick and cost-effective way to get an overview of your property, it’s important to remember that it does not provide a detailed analysis, valuation, or repair costs. As a result, it is best suited for low risk purchases.
RICS Level 2 Survey
RICS Level 2 is also known as a homebuyers survey, aimed at conventional residential properties that are in generally sound condition, but more detailed information is desired by the buyer. Like a Level 1 survey, the RICS homebuyers survey provides ‘Traffic light’ ratings, but with a more detailed description of construction and condition, identification of defects, and advice on repairs and maintenance. A Level 2 survey can also be combined with a property valuation.
A homebuyers survey is the most popular level of survey chosen, providing an ideal solution for homes that are in a good condition, but may require further inspection in certain areas for your peace of mind. However, it does not provide a highly detailed structural analysis, or in-depth investigation report, so is not usually the right choice for older properties.
RICS Level 3 Survey
The Level 3 RICS survey is a full structural survey, aimed at older properties, larger properties, properties in poor condition, properties with unusual construction, or properties that you plan to significantly alter. In place of a ‘Traffic light’ system, it offers a comprehensive and highly detailed description of a property’s construction, defects, repair options, technical information, and future maintenance advice.
This level is the most thorough RICS survey available, providing peace of mind for buyers of the most complex or high-risk properties.
Choosing your survey
With an understanding of the different levels of building survey available, there are a few key factors to consider when choosing your survey:
- Age and type of property: Consider if the property is newer or older, and if it features standard or more unusual construction.
- Condition of property: Is the property showing signs of disrepair or does it appear to be immaculate?
- Your plans for the property: Will you be carrying out major renovations, extensions, or just moving in?
- How much risk you are comfortable with: How much detail and assurance do you need to close on a purchase?
- Budget: While surveys have a cost, consider it an investment.
How JTM Building Consultancy can help
Choosing the right RICS survey for your prospective property is a very important decision. As a RICS chartered surveyor with extensive expertise in property assessment and a deep commitment to client satisfaction, we are dedicated to helping you determine the most suitable survey level for your specific needs, ensuring you get precisely the information you need without overpaying for unnecessary detail. As your trusted partner in property matters, you can rely on us to provide clear, reliable and actionable advice, and we will never oversell you on a level of survey that you don’t need.
A professional RICS building survey is your most vital tool for ensuring that purchasing a residential property is a smart and secure investment. By understanding the nuances of different survey levels and choosing wisely, you stand to avoid costly surprises down the line and can proceed with your purchase with confidence.
Don’t leave such a significant investment to chance; contact us today for a personalised consultation and detailed quote.