Considering a new home is exciting, but it’s also a big investment. That’s where a RICS Level 2 HomeBuyer Report comes in. Think of it as a comprehensive health check for a house you’re looking to buy. It’s often the go-to choice for many homebuyers because it strikes a great balance between detail and cost.
What Exactly is a Level 2 HomeBuyer Report?
This report, frequently called a HomeBuyer Survey, is the most popular “standard” survey offered by the Royal Institution of Chartered Surveyors (RICS). It’s designed for homes that are of conventional construction and are generally in decent shape – typically, properties built within the last 150 years. It delves much deeper than a basic Level 1 Condition Report, giving you a clearer picture of potential issues, but without the extensive detail and higher price tag of a full Level 3 Building Survey.
Is a Level 2 HomeBuyer Report Right for Your Potential Home?
This survey is ideal for:
- Standard homes in good condition: If you’re looking at a house built with common materials and it appears well-maintained, the Level 2 report is likely a great fit.
However, it’s probably not the best choice if you’re considering:
- Older or unusual properties: Homes with unique construction, those that are very old, or buildings that have undergone significant, non-standard alterations.
- Properties in poor repair: If a house is visibly run-down or has obvious signs of major defects.
- Homes you plan to heavily renovate: If your intention is to carry out substantial structural changes or extensive refurbishment.
For these more complex scenarios, a full Level 3 Building Survey would be a much more appropriate and thorough option, providing the in-depth analysis you’d need.
What Does the Report Cover?
The Level 2 HomeBuyer Report provides a clear overview of the property’s condition, focusing on areas that are readily accessible. Here’s a breakdown of what it typically includes:
- General Condition: An overall assessment of the accessible parts of the building, giving you a broad understanding of its state.
- Major Faults: It highlights any significant issues that could affect the property’s value or require urgent attention, helping you understand potential negotiation points or immediate costs.
- Specialist Concerns: The report will flag serious issues that might need further investigation by a specialist before you commit to the purchase. This could include concerns like signs of structural movement or extensive damp.
- Damp Tests: The surveyor will take moisture readings from the walls to detect any hidden damp problems.
- Timber Condition: Checks are made for signs of common timber issues such as woodworm, rot, or other forms of decay.
- Essential Systems: Visual checks are performed on damp-proofing, insulation, and drainage systems. It’s important to note that drains are visually inspected but not water-tested as part of this report.
- Rebuild Cost Estimate: This crucial figure is provided for insurance purposes, helping you ensure your new home is adequately covered.
To make the findings easy to understand, all items in the report are rated using a straightforward traffic-light system:
- Green (1): No repairs or further investigation are currently needed.
- Amber (2): Defects are present that require repair or replacement, but they aren’t urgent. You’ll want to factor these into your post-purchase budget.
- Red (3): These are serious issues that demand immediate attention or specialist advice. These findings might prompt further investigation or even renegotiation of the property price.
Unlike the more basic Level 1 report, the Level 2 HomeBuyer Survey goes a step further by offering practical guidance on repairs and ongoing maintenance. This can be incredibly helpful for planning and budgeting for any work needed after you move in.
Considering an Optional Market Valuation?
You have the option to include a market valuation with your Level 2 report. This provides an estimated sale value for the property, which can be invaluable for mortgage applications or simply for peace of mind. These valuations are carried out by RICS-accredited valuers, and there’s an additional fee for this service. Keep in mind that not all surveyors offer this specific add-on, so it’s a good idea to confirm this when you’re booking your survey.
Do you have any specific concerns about a property you’re considering, or would you like to know more about the other types of RICS surveys? Then contact one of our listed surveyors in your area?