Knowing Which Survey is Right for You and Your Property
Dealing with property can be confusing. Who do you trust? What do you do? Which path do you take? Surveying brings all those questions to the surface. We might be biased, but choosing to get a survey — and choosing the right one — is one of the most important decisions you can make. This blog will help you make that choice.
Why surveys matter
Accurate information is crucial when you’re making big decisions about a property. That’s where surveys come in. They offer valuable insights into a property’s condition and value. This guide will help you navigate the process. You’ll make an informed decision and hire a professional with real expertise.
Before reading this, you might want to have a read of our blog about the RICS. If you’ve seen that already, keep reading!
Won’t my bank arrange a survey?
First, let’s cover the main survey types you can choose from. Many people assume their bank arranges a survey for them. That’s usually wrong. A surveyor may visit on behalf of the bank, but only to confirm the valuation matches the bank’s risk. That visit rarely covers condition or potential future problems. Many banks now rely on Desktop Valuations or Automated Valuation Models (AVM). Sometimes a surveyor reviews the property using digital tools like Google Maps. Sometimes a computer system estimates the market value.
Building Surveys (RICS Level 3)
A Building Survey is the most comprehensive, non-intrusive survey option available. It examines the property in detail, covering everything from the structural integrity to the condition of the roof, walls, and floors. This type of survey is particularly recommended for older properties, unique buildings, or properties that have undergone significant alterations.
Home Survey (RICS Level 2) – formerly known as a HomeBuyer Report
A RICS Level 2 Home Survey is a standardised survey with traffic light condition ratings designed to provide an overall assessment of a property’s condition. It focuses on significant defects that may affect the property’s value, making it an ideal choice for more modern properties or those in reasonable condition. RICS registered Surveyors perform the Level 2 Home Surveys, giving you peace of mind with their professional expertise.
Private Valuation
There are times where an independent, verifiable valuation is required – whether for a private sale, tax calculations or life changes, such as divorce or probate. In these instances, a RICS registered Surveyor and Valuer will attend the property and make an impartial assessment of its value by considering a range of factors, including the sale prices of similar properties in your area.
Help to Buy Valuation
A Help to Buy Valuation is very similar but is used only in relation to properties which have been purchased making use of the Target / HCA Help to Buy scheme. It is important to ensure that your Help to Buy Valuation is approved by the scheme and will be accepted by Target / HCA.
Home Energy Report
This type of survey is growing in popularity. It focuses on a property’s energy efficiency. It also recommends ways to cut bills, improve efficiency, and keep the property warmer through the winter.
Three things to think about before choosing
We think three key elements matter when choosing a survey.
Property type and age
The age, size and construction of your property play a vital role. Older properties or those with unique features may need a more comprehensive survey such as a Building Survey. That said, don’t pay for a service you don’t need. We usually wouldn’t recommend a Building Survey for a property built in the last 20 years. A Level 2 Home Survey would normally do the job.
Specific concerns
Do you worry about potential damp or subsidence issues? Raise these when you book your survey. The surveyor can then plan to address them during the visit. They can also manage your expectations beforehand.
Your circumstances
You’re hiring a surveyor to assess your property. So make sure they deliver the right report for you. Conscious about reducing energy bills? Consider a Home Energy Report. Planning to complete an extension in future? You may need specialist advice. Think about what you want to achieve with your property and how a surveyor can help.
Talk to us if you’re unsure
Choosing the right survey is a crucial decision. It helps you understand your property’s condition in full. Many factors come into play. Would you rather talk to an expert about which survey suits you and your property? Give our team a call. They’ll happily talk you through the options and help you make the right choice.
