Buying a property is one of the most significant financial decisions most people make in their lifetime. While a property might look perfect on the surface, unseen issues could lead to unexpected costs or long-term headaches. This is where residential surveys come in, providing critical insights into the property’s condition to help you make an informed decision.
In this blog, we’ll discuss why residential surveys are essential, outline what RICS surveyors inspect, and explain what is typically included in a survey report.
Why Are Residential Surveys Important?
A residential survey is a professional inspection that assesses the condition of a property. Conducted by qualified **RICS (Royal Institution of Chartered Surveyors) surveyors**, these surveys help identify defects, risks, and maintenance requirements, allowing you to understand the true state of the property before committing to a purchase.
Key Reasons to Commission a Survey:
1. Avoid Costly Surprises: A survey identifies hidden issues, such as structural problems, damp, or roofing issues, that might not be apparent during viewings.
2. Informed Decisions: With detailed information on the property’s condition, you can negotiate the price, request repairs, or decide whether to proceed with the purchase.
3. Future Planning: Knowing about potential repair costs or maintenance needs helps you plan financially for the long term.
4. Peace of Mind: A survey provides reassurance that the property is a sound investment, reducing the risk of unexpected challenges.
What Does an RICS Surveyor Inspect?
An RICS surveyor conducts a thorough inspection of the property, focusing on its structure, condition, and any visible defects or risks. While the depth of the inspection depends on the type of survey chosen, typical areas of focus include:
- Structural Integrity: Assessing the overall stability of the building, including walls, foundations, and ceilings, for signs of cracks or subsidence.
- Roofing: Checking tiles, gutters, chimneys, and roofing structures for damage or wear.
- Damp and Moisture: Inspecting for rising damp, water ingress, or condensation issues.
- Windows and Doors: Ensuring functionality and checking for rot, poor installation, or draughts.
- Plumbing and Drains: Observing visible pipework for leaks or poor installation (though a full plumbing check requires a specialist).
- Electrical Installations: Identifying outdated or potentially unsafe wiring (a full electrical test requires a qualified electrician).
- Loft and Insulation: Examining the condition of loft spaces and insulation levels to assess energy efficiency.
- Outbuildings and External Areas: Inspecting garages, sheds, and fences, and checking for risks such as tree roots affecting foundations.
Types of RICS Residential Surveys
The RICS offers three main types of surveys to suit different property types and buyer needs. Choosing the right survey is crucial to getting the information you need without unnecessary expense.
1. RICS Level 1 Home Survey
- Best for: Newer or well-maintained properties.
- What It Includes:
- A concise overview of the property’s condition.
- Highlights of urgent issues needing attention.
- A simple "traffic light" rating system to categorise defects as minor, moderate, or serious.
- What It Excludes: Detailed advice or cost estimates for repairs.
2. RICS Level 2 Home Survey
- Best for: Conventional properties in reasonable condition, such as modern homes or standard builds.
- What It Includes:
- A more detailed inspection of the property’s condition.
- Identification of defects affecting value or safety.
- Advice on necessary repairs and ongoing maintenance.
- A market valuation and insurance rebuild cost estimate.
- What It Excludes: In-depth analysis of hidden areas, such as beneath floors or behind walls.
3. RICS Level 3 Home Survey
- Best for: Older, larger, or more complex properties, such as listed buildings or those requiring renovation.
- What It Includes:
- A comprehensive, detailed examination of the property.
- Identification of major and minor defects, their potential impact, and recommendations for repair.
- Advice on ongoing maintenance and upkeep.
- Photographic evidence of issues.
- What It Excludes: Specialist testing (e.g., electrical or plumbing systems).
What Is Typically Included in the Survey Report?
A survey report provides a comprehensive summary of the property’s condition, helping you make an informed decision. While the content varies depending on the survey type, most reports include:
1. Overview of the Property: A general description, including location, age, and construction type.
2. Condition Summary: Key findings, highlighting areas of concern.
3. Defect Analysis: Detailed descriptions of identified problems, including their severity and potential impact on the property’s value or safety.
4. Repair and Maintenance Recommendations: Suggestions for addressing issues, along with timescales for repairs.
5. Valuation and Rebuild Cost: For HomeBuyer Reports, a professional valuation and an estimate of the cost to rebuild the property for insurance purposes.
6. Traffic Light Ratings (if applicable): Colour-coded indicators to prioritise the urgency of repairs or risks.
Why Choose an RICS Surveyor?
RICS is the UK’s leading professional body for property surveyors. Opting for an RICS-certified surveyor ensures:
- Expert Knowledge: RICS surveyors are highly trained to identify defects and provide reliable advice.
- High Standards: RICS surveyors adhere to strict codes of conduct and professional standards.
- Professional Insurance: RICS surveyors carry professional indemnity insurance, providing peace of mind for buyers.
Tips for Commissioning a Residential Survey
1. Select the Right Survey: Match the survey to the property’s age, condition, and your concerns.
2. Hire a Local RICS Surveyor: A surveyor familiar with the area may have insights into common local issues, such as subsidence or drainage concerns.
3. Review the Report Thoroughly: Take time to understand the findings and seek clarification if necessary.
4. Use the Report Strategically: Use the information to renegotiate the purchase price, request repairs, or plan for future costs.
5. Consider Specialist Inspections: For properties with significant concerns, follow up with specialist inspections (e.g., structural engineers or electricians).
Conclusion
Commissioning a residential survey by an RICS surveyor is an essential step in the property-buying process. It offers invaluable insights into the property’s condition, helping you avoid unexpected costs and make an informed decision. Whether you’re purchasing a modern home, an older property, or a building with unique features, a survey tailored to your needs ensures you have the confidence to proceed.
When buying a property, don’t skip the survey - it’s a small investment that could save you substantial costs and stress in the future.