What is a RICS Home Survey and why do you need one?
A RICS Home Survey is an essential part of moving home. They go a long way to eliminate the risk of buyer’s regret and help prepare you for any future costs. In fact, they’re also a great way to negotiate a lower price.
Instructing a RICS Home Survey usually takes place after your initial offer on a house is accepted. However, they can also be organised by sellers (who provide the report to potential buyers) and owners who want to know their home’s condition.
This article explains what RICS Home Surveys are and why they’re so important.
What is a RICS Home Survey?
A RICS Home Survey is a type of residential survey. Its process was created and is overseen by the UK’s governing body for chartered surveyors, RICS.
The Royal Institution of Chartered Surveyors (RICS) was founded during the tail-end of the Industrial Revolution. It was brought about after the founders noticed a need for standards in the industry. Through time, the body received its Royal Charter and now exists as the UK’s go-to authority on these matters.
In fact, ‘chartered surveyor’ is a protected job title in the UK. Only surveyors registered with RICS can use it, although this doesn’t apply to other countries worldwide, where anyone can go by this term.
Becoming a RICS-certified chartered surveyor is no simple task. A relevant degree or several years of proven experience in the housing industry is required. A chartered surveyor must demonstrate three years of on-the-job training to achieve full membership.
All this means you can trust RICS chartered surveyors (like us) to complete home surveys accurately and quickly. Of course, they’re also insured for your peace of mind.
Different RICS Home Surveys available
RICS updated its guidelines a couple of years ago. This means there are now three types of RICS Home Survey you could instruct:
- Home Survey Level 1
- Home Survey Level 2
- Home Survey Level 3
The higher the level, the greater the detail the home survey goes into. For example, a Level 1 involves a basic look around without in-depth checks. They’re only really appropriate if you’re sure the property is in excellent condition. That’s in stark contrast to a Level 3, where the chartered surveyor spends a long time honing in on structural integrity.
A Home Survey Level 2 is most appropriate for the average homeowner or buyer.
Not too difficult, eh?
Why RICS Home Surveys are essential for property buyers and sellers
All too many buyers and sellers skip over a home survey when buying a new house, wanting to avoid the few hundred pounds expense. Please don’t.
A home survey involves a carefully trained professional examining your property and looking for defects. Common problems like damp, woodworm, Japanese Knotweed, rot and subsidence are far more prevalent than one might think in the UK.
Years of training and experience mean a chartered surveyor sees things others might not. They can provide detailed advice and suggest the most effective and financially friendly methods of addressing these situations.
Without a home survey, in contrast, you’re at much greater risk of encountering unexpected problems after buying your new home. In the most severe situations, you might even find yourself stuck in a property that nobody wants to purchase from you without a significant repair investment.
Spending a few hundred pounds to mitigate this risk is absolutely worth it. Almost all home surveys save you far more than that.
Homebuyer Survey vs Home Survey Level 2
Finally, let’s address the difference between a Homebuyer Survey and a Home Survey Level 2.
You might have heard of Homebuyer Surveys. They’re also an example of a RICS Home Survey. In fact, they’re actually exactly the same thing as a Home Survey Level 2.
In 2021, the RICS Home Survey structures changed. Titles were altered to make them more transparent to clients, introducing the levelled system mentioned above. A Homebuyer Survey was renamed to a Home Survey Level 2.
These days, many people still use the term Homebuyer Survey. But it means precisely the same thing as a Home Survey Level 2.
How GB Home Surveys can help
GB Home Surveys is a company made up of chartered surveyors. This means we’re able to offer licensed RICS Home Surveys to home buyers, sellers and owners.
By working in small, local teams, our staff know the markets in their immediate areas exceptionally well. We have teams in Taunton, Birmingham, Bristol, Bath, Devon, the Cotswolds, Three Counties and South Wales.
We offer a choice between a Valuation, Home Survey Level 2 and Home Survey Level 3. We don’t offer Level 1 surveys, as almost all customers find a Valuation or Level 2 more insightful.
Could you use a RICS Home Survey? If so, we’d love to hear from you. You can reach us via the form below or by contacting your regional chartered surveyors. We can’t wait to meet you.
