Why You Should Get a Property Survey in 2024? Types and Costs Explained by Liam Ryan

Property surveys are a valuable tool in discovering the true value of a property, including any renovations or repairs that will need doing. I would always suggest getting a property survey done before making a purchase – it can save you a lot of money and hassle down the road. In this blog, I will share all the information you need to know about property surveys, from different types of surveys and what to look out for.

Table of Contents

What is a Property Survey?

A property survey is an examination of all the physical aspects of a property done by a surveyor. Surveyors will inspect a property and identify any problems with it that would affect the property’s value and provide recommendations for repairs. There are three different kinds of survey, each more in-depth than the last – see later on in this blog for more details on the three kinds of survey.

Who Can Do a Property Survey?

Surveyors in the UK are registered with RICS, or the Royal Institution of Chartered Surveyors. One can be a surveyor without the RICS credentials but they don’t have the training, qualifications and credentials of a RICS chartered surveyor, who has long-established industry standards. The Residential Property Surveyors Association or RSPA also does surveys, although they specialise in residential properties, whereas RICS provides a wider range of surveying services.

Why Should You Get a Property Survey?

A property survey isn’t free, but it can save you a lot of money in the long run. A survey can identify any issues with a property, including:

Damp problems
Roof damage and other structural issues
Subsidence
Dry rot
Woodworm infestation
Defective wiring
Asbestos

These things can be very costly to repair, and finding out about them after purchasing a property would be an unpleasant surprise! Surveyors will take an objective and impartial look at the property and give you an unbiased report on all issues so you can make an informed decision on whether or not to invest in the property. If any problems need fixing, you can look for an alternative property or make a lower offer on the original property to allow for repair costs.

Most mortgage lenders may ask for at least a Level 1 survey or a mortgage valuation to be done on a property before agreeing to lend you the money. Properties that are older than 50 years old, in poor condition, or built unusually or with non-standard materials may require a Level 2 or Level 3 survey.

FAQ: How Much Does a Property Survey Cost?

This depends on the level of survey. A Level 1 survey can cost between £300 – £900, a Level 2 costs between £400 – £1000, and a Level 3 survey can cost between £630 – £1500. Considering the potential issues that can be avoided with the correct level of survey, it’s a wise investment.

FAQ: What is the Difference Between a Mortgage Valuation and a Property Survey?

A mortgage valuation may need to be conducted for you to obtain a mortgage. This is a specific assessment that can determine the value of the property and is often done without a surveyor visiting a property. It is worth noting that a mortgage valuation is not a replacement for a property survey. Even if you have had a mortgage valuation done, it is still recommended that you get a survey too, especially if you intend to renovate or add extensions to the property.

Different Types of Property Survey

There are three main types of property survey. The more appropriate kind of survey for your chosen property will depend on the age of the property and other factors like the size, location, building materials, and more. These are primarily visual inspections which do not assess any gas, electrical or plumbing fittings. They also do not include an asbestos survey, although if the surveyor suspects its presence they will recommend a formal asbestos survey is performed.

Level 1 RICS Home Survey

This is the most basic level of survey and was previously known as a condition report. This is suitable for conventional properties in reasonable condition and built from standard building materials. This type of survey looks at the inside and outside of the property, plus any permanent outbuildings such as a garage, and notes the construction and any significant visible defects. The surveyor will not take up carpets, move heavy furniture, or enter the attic – the surveyor will simply visually inspect the inside of the roof from the access hatch. Surveyors do not create an Energy Performance Certificate (EPC) for properties but will include it in the report if it is available.

A condition rating will be given, with ratings given to the main parts of the buildings, garage and outside elements. A rating of 1 indicates no repairs needed. Condition Rating 2 indicates non-urgent defects that need repair. Rating 3 indicates serious defects that need to be repaired urgently or investigated further.

Level 2 RICS Home Survey

The Level 2 survey, formerly known as a Homebuyer Report or Homebuyer Survey, covers everything you would get in a Level 1 survey but also covers roof spaces and cellars. It includes a valuation of the property if requested, advice on future maintenance needs, a suggested budget for repairs, and recommendations for any further investigations the surveyor deems appropriate. If you choose to include a valuation, it will include the property’s market value, an insurance reinstatement figure, and a list of any problems the surveyor believes could affect the property’s value.

RPSA Home Condition Survey

This is provided by the RPSA and is equivalent to the RICS Level 2 survey. RPSA surveys include extra information such as broadband speed, damp assessment and any potential boundary issues.

RICS Home Survey – Level 3

The RICS Level 3 survey, formerly known as a full structural survey or RICS Building Survey, is the most thorough survey offered by RICS. This kind of survey covers everything offered in the Level 2 survey and includes any further identifiable risks, potential hidden defects and their causes. This survey will give you an outline of any remedial work needed, the likely cost and timescale, and the consequences of not doing said repairs. The surveyor will enter the roof space where it is safe to do so and visually inspect the roof structure. A Level 3 survey is recommended for properties over 50 years old, of unusual design, listed buildings, properties built of non-standard materials, and properties in poor condition.

RSPA Building Survey

This is the RPSA equivalent of the RICS Level 3 home survey and covers everything included in the RPSA Home survey, as well as more details on the property construction and any defects.

FAQ: If a Survey Finds Problems, Who Pays For Them?

Depending on the severity of the issues discovered during a survey, they might sour you completely on the sale. In this case, the seller may consider doing repairs themselves if they still want to sell their property and you can look for another property. But if the repairs are not too expensive, say £3000, you can reasonably request that the seller knocks this amount off the selling price of the property. They don’t have to, but they stand a good chance of losing the sale if they do not.

Can I Buy or Sell a House Without a Property Survey?

While it is possible to buy or sell a property without a survey, I would always strongly recommend getting a survey done. The seller is not responsible for arranging or paying for a survey – this is something the buyer does after their offer on a property has been accepted. If a survey has been conducted on the property fairly recently, i.e. within the last two years, this may suffice, but I’d always recommend getting your own survey done for peace of mind and to save you money in future repairs.

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