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Beyond Traditional Mortgages 

Which Home Survey is Right for Me?

Table of Contents

  • Why Does a Homebuyer Need a Survey?
  • The World of Surveys: A Snapshot
  • RICS Home Survey Level 2: What’s Under the Bonnet?
  • The Difference between RICS Home Survey Level 2 and RPSA Home Condition Surveys
  • When Should I opt for Each Survey Type?
  • Why the Price Difference Matters
  • The Power of Being an Informed Buyer
  • Homebuyer’s Survey Checklist

Why Does a Homebuyer Need a Survey?

Buying a home. It’s more than just bricks and mortar. It’s a reflection of our aspirations, our dreams, and our life’s work. And with that magnitude of emotional and financial investment, it’s no surprise that ensuring the quality and safety of that home becomes paramount. When you purchase a car, you wouldn’t dream of doing so without checking its service history, would you? Similarly, when buying a home, you’re not just buying four walls and a roof; you’re investing in a space where memories are made, and futures are built.

So, the burning question: Why is a home survey crucial? Well, beneath the polished floors or newly painted walls, a multitude of issues might be lurking. From damp to structural challenges, many of these problems aren’t visible to the naked eye, especially for those not trained to spot them. A home survey acts as your magnifying glass, delving deeper into the property, highlighting any potential problems and saving you from future heartaches and financial pitfalls. It’s not just about securing your investment; it’s about peace of mind.

The World of Surveys: A Snapshot

Stepping into the realm of property purchasing can be daunting. With countless terms, conditions, and options thrown at you, it’s easy to get overwhelmed. And among the maze of decisions, choosing the right survey might seem like just another drop in the ocean. But this decision is more akin to setting your ship’s sail in the right direction.

There are a multitude of surveys out there, each tailored for different needs. The two most common for homebuyers in the UK being the RICS Home Survey Level 2 (HomeBuyers Report) and the RPSA Home Condition Surveys. The former, offered by the esteemed Royal Institution of Chartered Surveyors (RICS), is a favourite for many, owing to its comprehensive approach and globally recognised reputation. On the flip side, we have the RPSA Home Condition Surveys, which, while not as widely recognised as the RICS offering, still packs a punch in terms of detail and reliability.

But here’s the thing: Neither is inherently better than the other. Instead, each is crafted to serve different purposes and property types. Your decision should hinge on what you’re looking to uncover about your prospective property and what kind of assurance you seek.

In the words of FJP Investment CEO, Jamie Johnson, “Property investment isn’t just about the immediate appeal. It’s about understanding the layers beneath, and surveys are our window into those layers. They offer insight and clarity, ensuring that our investments stand the test of time.”

RICS Home Survey Level 2: What’s Under the Bonnet?

A car’s bonnet conceals its engine, its beating heart. Similarly, a property may have concealed elements, aspects that might not be immediately visible but are absolutely critical to its value and safety. This is where the RICS Home Survey Level 2 comes into play.

Think of the RICS Level 2 as your detailed medical check-up for the property. It does more than just scratch the surface; it provides a comprehensive health report of the property’s visible and accessible parts. From potential structural issues to troubling damp patches, this survey aims to uncover them. But it’s also about more than identifying problems. It’s about understanding the property’s overall condition, foreseeing potential future issues, and making an informed decision about whether this investment is right for you.

Yet, it doesn’t delve into every nook and cranny, and this is vital to understand. It provides a thorough but general overview, which is why its popularity, especially among modern properties, is so significant.

Home Survey

The Difference between RICS Home Survey Level 2 and RPSA Home Condition Surveys

In the vast landscape of property surveys, the RICS Home Survey Level 2 and the RPSA Home Condition Surveys are often set as comparatives. But how do they truly differ?

Prestige and Recognition: The RICS Home Survey Level 2 carries the badge of the Royal Institution of Chartered Surveyors – a globally acknowledged entity in property matters. This recognition often adds a layer of trust and authority to the survey. Conversely, the RPSA Home Condition Surveys, though comprehensive, don’t have the same global stamp of approval.

Depth and Detail: Both surveys are detailed, but their focus can differ. The RICS Level 2 is known for its general yet thorough overlook, highlighting potential issues in visible and accessible areas. In contrast, the RPSA Home Condition Survey might dive a tad deeper in certain areas, which can be especially beneficial for older properties with a long history.

Cost: At a glance, their prices might seem similar, but variations can occur based on the property’s size, location, and the specific surveyor’s fees.

When Should I opt for Each Survey Type?

Navigating the choice between these two surveys can feel like steering a ship through foggy waters. But with a bit of insight, the decision becomes clearer.

For Modern Homes: If you’re leaning towards a newer property, one that’s been constructed in recent years and has no evident signs of wear or issues, the RICS Home Survey Level 2 might be the compass you need. It provides a comprehensive health check suitable for most modern properties, ensuring you’re not walking into any unforeseen issues.

For Older Properties or Ones with Character: Here’s where the waters get a bit choppier. Older homes, especially those that have stood the test of time and weathered many seasons, might have layers of history hidden within. The RPSA Home Condition Survey, with its slightly deeper focus, can be invaluable here. It might unveil stories of past repairs or underlying issues that need attention.

Ultimately, the decision rests on the specific needs of the buyer and the unique characteristics of the property in question. It’s about matching the right tool to the right job, ensuring that your investment is both safe and sound.

Why the Price Difference Matters

In the world of property buying, every pound spent comes under scrutiny. With substantial sums of money at play, each decision, whether big or small, contributes to the overall outcome of the investment. Now, when looking at the price tags of the RICS Home Survey Level 2 and the RPSA Home Condition Survey, you might think: “Isn’t the difference relatively marginal?”

But here’s the catch: It’s not just about the immediate cost. It’s about value.

Consider this: the cost of a survey is a small fraction compared to the entire property’s value. However, the insights, the problems identified, and the potential future costs saved can amount to significant sums. So, when weighing the price difference, it’s imperative to understand the breadth and depth of information each survey offers.

Furthermore, remember that the survey isn’t just about uncovering issues; it’s about negotiation. Knowledge is a powerful tool when discussing property prices. If a survey highlights problems, it gives you leverage to negotiate a better deal or request repairs.

In essence, the price difference between the two surveys isn’t just a matter of £50 or £100. It’s about the long-term value, foresight, and the potential to save thousands in unforeseen repairs or issues down the line.

The Power of Being an Informed Buyer

Embarking on the journey of buying a property is much like charting unknown waters. The path is filled with decisions, each with its own set of challenges and rewards. But as any seasoned sailor will tell you, having the right tools and knowledge can make all the difference between smooth sailing and turbulent waters.

As a potential homeowner, the choice of survey equips you with the insights needed to navigate this vast property sea. It’s more than just ticking a box; it’s about understanding what lies beneath, foreseeing challenges, and preparing for them.

With property investing, an informed decision is your compass. By equipping yourself with the right survey, tailored to your needs and the property’s unique characteristics, you’re not just securing bricks and mortar; you’re safeguarding your peace of mind. Remember, an informed buyer isn’t just a confident one; they’re one who stands on the side of foresight, preparedness, and sound investment.

Homebuyer’s Survey Checklist

Understand the Need:

  • Recognise the importance of a home survey in the buying process.
  • Consider the potential long-term savings against unseen issues.

Know Your Surveys:

  • RICS Home Survey Level 2: Suitable for modern properties, offers a comprehensive look at visible issues.
  • RPSA Home Condition Surveys: Dives deeper, ideal for older or character properties.

Evaluate Costs:

  • Compare the prices of both surveys.
  • Consider the value and depth of information provided, not just the immediate cost.

Check Credibility:

  • Ensure the surveyor is affiliated with a recognised institution (like RICS).

Leverage Your Knowledge:

  • Use insights from the survey to negotiate property prices or request necessary repairs.

Think Long-Term:

  • Remember, the survey cost is minimal compared to potential future repair costs.

Seek Expert Advice:

  • If unsure, consult with a property expert or estate agent for guidance on the most suitable survey.

Stay Informed:

  • Keep abreast of any changes or updates in survey procedures or regulations.

Act on Survey Findings:

  • Address highlighted issues promptly, either by renegotiating, requesting repairs, or budgeting for future fixes.

Revisit if Necessary:

  • If significant changes or renovations are made to the property, consider getting a fresh survey for updated insights.

ARE YOU READY TO START INVESTING?

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