What Is A Home Survey?
Arranging an independent home survey should be a fundamental part of the house buying process. It’s typically arranged by the homebuyer soon after their offer has been accepted by the seller. There are three different levels of home surveys currently available, and these are briefly outlined below.
The purpose of a home survey is to assess the condition of the property, identify any potential issues or defects, and provide a detailed report to help the buyer make a balanced and informed decision.
The survey typically includes a methodical visual inspection of the property from top to bottom, inside and outside, and includes grounds, boundaries, and any permanent outbuildings.
Following the inspection part of the service, a written report is produced, and depending on the level of survey commissioned, it will outline information such as the condition of each building element, any identified defects or issues, advice on repairs and on-going maintenance. It also comments on matters such as energy efficiency, environmental, health & safety, and potential legal concerns.
The report itself breaks the property down into the main building elements with ‘traffic light’ colour coded condition ratings applied to each, and includes a summary of the main issues. At Gold Standard Design & Surveying, we also like to supplement text with site photos, diagrams, and sketches. The report is therefore straightforward to navigate and easy to digest.
I’m buying with a mortgage and the lender has carried out their own valuation. So why do I need a home survey?
This is a question that we often get asked.
In the vast majority of cases, people buying a home need to fund their purchase with a mortgage (plus a small deposit). In order for the lender to satisfy themselves that the property you are buying is actually worth the money you’ve agreed to pay, they commission their own mortgage valuation.
This is often a quick & basic exercise and sometimes does not even involve a site visit. It does not include a detailed assessment on the condition of the property and is not intended to take the place of a proper home survey.
Out of courtesy, the lender may issue a copy of the valuation report to the buyer, and this in part can add to the confusion, as sometimes the buyer assumes that a proper survey has been done (especially if they are first time buyers or unfamiliar with the process).
In essence, all the lender really wants to know is that they will get their money back if the buyer stopped paying the mortgage and they had to repossess the property.
What are the different levels of home surveys?
There are three different types of home surveys currently available. The most basic is level 1, while the most comprehensive is level 3.
Level 1 Home Survey (Also referred to as a Condition Report)
This is the most basic level of survey and provides limited information. It’s suitable for conventional properties that are in reasonable condition and were the client doesn’t require much information or detail.
The service includes:
A basic visual inspection
Colour coded condition ratings of different parts of the building
Summary of risks
Assessment of the relative importance of defects and problems.
It does not include any advice on repairs or ongoing maintenance.
This type of survey is rarely commissioned in our experience and is not a service we provide at Gold Standard Design & Surveying.
Level 2 Home Survey (Also referred to as a Homebuyer Report)
This is an intermediate level service suitable for conventional properties that are in reasonable condition and haven’t been extensively extended or altered. It’s more extensive than the level 1 survey and provides the client with a professional opinion at an economic price. It includes:
A more extensive visual inspection
General condition of the main elements of the property
Colour coded condition ratings of different parts of the building
Highlights issues that are serious or needs urgent attention
Ongoing maintenance advise and suggested further investigations
Summary of main issues
level 3 Home Survey (Also referred to as a Building Survey)
A level 3 Home Survey (Building Survey) is the most comprehensive report of its kind. It provides an in-depth analysis of the property’s condition including advice on defects, repairs and maintenance options.
This survey is generally required when buying a large, older or run-down property, unusual or altered buildings, or if planning major works after purchase.
The report provides detailed information about the structure and fabric of the building. The service includes:
A detailed visual inspection
Services (drainage, electrics, water, heating etc.) observed in normal operation
Relative importance of defects along with the most probable cause
Prioritisation and likely timescale of necessary repair works
Ongoing maintenance advice and suggested further investigations
Colour coded condition ratings of different parts of the building
Summary of main issues
Cost estimate of identified repairs (if agreed in advance)
Not sure which type of survey is right for you?
We understand buying a property can be a stressful and complex process.
If you are in the process of buying and not sure which type of survey you need, feel free to contact us for a free no obligation discussion. We will happily advise which survey we feel best suits your requirements and property.
