Simply put, building surveys are conducted to examine the conditions of a property. Whether this is for finding structural flaws or to gauge a better understanding of a property and any areas which could represent hidden expenditure. No matter the reason, these property surveys vary depending on the specific type selected.
Typically, there are three types of property surveys, that differ in price and in the level of detail, the report gives. It is important to remember, that although details are given, surveys only assess areas that are accessible and visible without disruption.
Level 1 Condition Report (RICS)
The Level 1 Condition Report is an entry-level survey which is the most basic of the three types. The client can expect a basic review of a property; identification of potential risks, legal issues and urgent defects.
As the most economical survey, the Level 1 Condition Report does not go into further detail; only highlights which areas are of concern. This type of building survey is ideal for those not wanting to spend too much money and are primarily wanting a general comment as to the condition of the property. At Sterlingworth Surveyors, we refer to this report as a Property Health Check Report.
Level 2 HomeBuyers Report (RICS)
The Level 2 HomeBuyers Report is a mid-level report that comes with or without an overall value of property. This type of survey is generally acceptable for properties which are not complete refurbishment projects and are up to 60 years old. Much like a Condition Report, this survey will check each area and their conditions. However, surveyors will then give more detail on any issues identified, and advice on how to fix these.
Another option still includes all the features of the HomeBuyers Report, however, this time, includes a valuation. This is not always necessary and is an additional cost, but those who want to be assured they are paying the right price may want to consider this added feature.
Level 3 Building Survey (RICS)
The Level 3 Building Survey report is the most comprehensive survey available. The Level 3 Building Survey includes an in-depth investigation of the property, which goes beyond the parameters of the Level 2 HomeBuyers Report. These building surveys go into greater detail and make specific recommendations to the tradesperson one should instruct should a defect be identified at the time of inspection. If possible, this also includes specific repair recommendations, as well as the urgency of any repairs. The survey also makes the client aware of potential risks if the recommended repairs are not made in a timely manner.
This level 3 survey is generally ideal for properties older than 60 years years. A market valuation can be added to this type of survey as well as an estimated cost for significant repairs.
Do I Need a Building Survey?
Sometimes, building surveys are not necessary. However, as buying a property is a massive step in anyone’s life, it is important you are fully confident and sure of your purchase. Ensuring there are no long-term defaults, costing more than the property is worth. They are not legally required, but building surveys are a wise choice. Wouldn’t you rather pay for a professional surveyor upfront, than waste thousands of pounds in repairs after a year?
Here at Sterlingworth, we offer a wide range of services surrounding property surveying. All of our surveyors are RICS Registered Valuers; spearheaded by a management team with decades worth of experience in the banking and secured lending environments. As an independent firm, we will always deliver our impartial professional opinion on value reflecting the cost of any repairs identified during the survey.
We follow and adhere to the highest standards in the industry. Our building surveys focus on delivering relevant and quality content; tailored specifically to each client’s needs. We put the client in the driving seat and listen to their individual requirements. Whether you are after a general property survey or a bespoke, tailored report. We are here to help.
For more information, or to receive a quote, simply fill in our online form with your enquiry. A member of our team will shortly be in touch. Or, to speak to an expert today, give us a call on 020 7770 9908.