RICS home surveys – How to make them work for you07/05/19
If you are buying, selling or valuing, assessing a building’s condition is an essential part of establishing its worth. There are several different types of survey and they really come into play when you are buying or selling a home. HomeBuyer and other surveys are approved by the Royal Institute of Chartered Surveyors (RICS). Our property specialists are RICS members and this means we can provide expert advice and comprehensive surveys on all types of property.
We can provide three types of RICS report: Level 1 is the Condition Report, Level 2 is the HomeBuyer Report and Level 3 is a Building Survey. You need to identify which report is relevant for the type of building or purchase you want to make, and our experts can help you select which one will be right for you.
The Level 1 report does not include a valuation, but it does give owners or buyers an indication of the condition of the fabric of the building, utilities and services, including the garage and outbuildings. It will also outline where improvements would need to be made to any issues with the property, and their seriousness.
Level 2 is a more detailed appraisal of the property and its condition and also includes a valuation. It will comprise all the features of Level 1 , but also issues such as the surveyor’s opinion of the market value, the insurer’s reinstatement value, information on the locality and the building’s energy efficiency. Aspects of the property that could affect its market value will also be identified.
If Level 2 is suitable for properties in sound condition, Level 3 is more advisable for large, older properties in poorer condition, or if renovation, structural change or extension is intended. It is the most comprehensive type of survey, but does not include a valuation or the estimated cost of any repairs that may be required to improve the property.
Whether you’re buying or selling, it’s essential to ensure you obtain approved home surveys from qualified personnel. The valuers and surveyors at Forge Property Consultants are fully-qualified members of the RICS and will be happy to share their expertise. Get in touch today to find out which home survey suits you best.