What are the types of property surveys?

What is a property survey?

A property survey provides a buyer with a report outlining various details of a property and its surrounding land. Property surveys are a detailed inspection of a piece of land or building, carried out by a professional surveyor.

The assessment typically involves locating structures and identifying potential issues, risks or hazards. Property surveys provide important information when it comes to making financial transactions, and in the event of a dispute, a property survey is an incredible asset — providing solid support to enable informed decisions regarding sale, purchase price and future works.

What are the different types of property survey?

This depends on who is surveying the property, however it is advised to use a surveyor who is regulated by RICS. A RICS home survey is specifically covered by RICS surveyors and members of the regulatory body. A survey that is not regulated by RICS will not be carried out to the same standard.

Which property survey do I need?

There are three types of surveys that are accredited by RICS — and therefore most recommended.

Level 1 Survey

A level one home survey provides people with information about the overall condition of a property, highlighting any damages or risks.

• Affordable
• For newer properties
• A visual inspection of the property
• Provides a summary of risks

Level 2 Survey (with or without valuation)

A level 2 home survey is a little more costly however provides much more detail and is the most popular type of RICS survey (also known as the HomeBuyer Report).

• Includes a valuation of the property (if requested)
• A physical and thorough inspection of the property
• Includes a detailed report outlining all findings

Level 3 Survey

A level three home survey is the most comprehensive survey available, and provides house buyers with everything they need to make an informed decision.

• For larger, older or period properties or those in poor condition
• Properties that have been heavily extended or modified
• A thorough physical inspection of the property, its land and surrounding areas
• Provides a description of the condition of each element and maintenance advice

What are the costs of a property survey?

The costs of a home survey will vary depending on the type of survey and whether or not the surveyor is RICS accredited. Whilst an unregulated survey may be cheaper upfront, it may cost you thousands of pounds in the long run if key issues are not highlighted prior to the sale.