Residential surveys vary widely in price and purpose. As purchasing a home in Canterbury is an expensive endeavour, it makes sense to spend your survey budget where you will get the most benefit—right at the level of survey most appropriate to your needs. Part of this decision-making process is knowing what the types of surveys are and what they do.
The Snagging List Report
A Snagging List Report is often commissioned for newly built or newly refurbished residential properties.
1. Detailed: the report carries a lot of information, but it’s mostly concerned with superficial defects or the lack of them.
2. Lengthy: Snagging list reports are typically quite long; they list the defects, many of which are minor.
3. Pragmatic: the developer/builder can use the report to understand exactly what needs finishing.
4. Cost-saving: if the defects are not made good, you can deduct their value against the asking price.
The purpose of the snagging report is to set out what needs finishing to achieve final completion in the building project, but it will not assess more serious defects for which a building survey is more suitable.
Structural Engineer Report
A structural engineer report is different from a structural survey and a full building survey because it involves an engineer who focuses on a specific part of the property structure. This can be helpful for the following types of harmful situations:
1. Movement: if the property is suffering from subsidence, a report like this can help identify possible remedial options.
2. Underpinning: if you're thinking about underpinning the floor of the property (not a good idea unless absolutely necessary), a report like this can help identify possible underpinning methodologies.
3. Removing Loadbearing Walls: if you're thinking about making any major structural alterations to the property, this sort of report can help identify possible ways of doing so safely.
4. Extending: if you're adding any major structure to the property, an engineer’s report can help identify any possible negative impacts on the existing structure.
5. Solar: if you're thinking about placing solar panels on the roof, you will need to check whether the roof can support these.
6. Basement and Loft conversion: check the structural integrity of your basement/loft prior to converting.
Level 1 Condition Report
This basic report is often used in the context of the Party Wall Act. It usually covers a limited number of specific areas in the property as may be affected by neighbouring works. Here are the most important parts:
1. Applicability: the report is generally meant for properties with no obvious flaws and where you want to record the condition of a certain part, before a neighbour begins some works.
2. Defects: although it points out problems, it does not say how to fix them.
3. Tabulated: often made into a table (area in the property, element construction and condition)
4. Visual: involves a surface-only observation (i.e. non-invasive).
5. No Advice: the appraisal will not include any way to solve defects or the cost involved.
6. Efficiency: it generally only requires an hour to complete the inspection.
7. Lowest cost: this is for a survey that requires the least money.
A straightforward RICS Condition Report is usually used when there are not many problems and the advice needed is basic, often under the Party Wall Act.
Level 2 RICS Homebuyer Survey
The RICS Homebuyer report is one of the most widely used types of home survey. For many people, it represents their preferred choice when it comes to commissioning a survey for a standard residential property. It is a clear and direct document, which serves as a decent appraisal for the property one is considering purchasing. The RICS Home Buyer report has several key components that make it user-friendly and informative. Those parts can be summarised as follows:
1. Mid-range: it has a moderate level of inspection that is generally suitable for a standard property in good condition.
2. Traffic light system: the report uses a "traffic light" format that indicates the condition of the property (red, amber, green).
3. Main issues: the Report focuses on issues with the property that affect its value, and it also assesses the significance of those issues.
4. Risk Assessment: search for any dangers connected to the building and its surroundings.
5. Visual: the study depends solely on surface inspections.
6. Accessible Areas: only inspects the parts of the property that are easy to access.
7. Market Value: this section has the estimated market value and the insurance rebuild cost.
8. Maintenance Care: guidelines on what to do when maintenance is required and how to find the right contractors.
For buying a conveniently constructed and maintained house, flat or bungalow, the RICS Level 2 HomeBuyer Report could help you save money. It gives you clearer details about the property for you and your lawyer to check.
Full Building Survey
The most thorough and reliable survey you can get for a property is the RICS Level 3 Building Survey—also known as a "structural survey."
A Level 3 survey is the most extensive and detailed survey available today. It is very much appropriate for a buyer of an older, larger, or something even less conventional.
The survey is in effect a 'tailored' report, as it covers virtually everything you would want an inspector to check for a full home inspection in a property securing a mortgage as follows:
1. Applicability: a full building survey is best chosen for properties that are old, large or not built to standard designs.
2. Bespoke: you might want a report made just for your insurance policy or to address certain issues.
3. Thorough Inspection: checks of all areas on the inside and the outside of the house. The surveyor analyses foundations, roofs, walls and floors and also looks at non-structural components such as windows and doors.
4. Complete inspection: looking at every part of the property the surveyor is allowed to access.
5. Uncovering Defects: it can detect significant damage as well as services like boiler, heating and hot water, etc.
6. Advice concerning repairs: professionals will recommend repairs or maintenance for possible safety or hazardous problems.
7. Estimating Costs: being able to notice many errors helps you estimate how much they will cost to repair.
8. Renovation: useful when doing construction or renovation work, including removing walls, excavating the basement, adding on extra rooms or converting a loft.
9. Value and Rebuild Costs: although not included, the building survey can give information that will help a valuation expert give you an estimate of the market price and rebuilding price if needed.
10. Yearly Tips: advice on how to look after your house each year.
You also get what you pay for. A Level 3 survey is not cheap; you might be looking at around £800 minimum cost, but many clients save on this by identifying problems early.
Which property survey is necessary?
Most property purchasers opt for the RICS Level 3 Building Survey. Though it is the most expensive of the three different types of condition survey, it is packed with a tremendous amount of detail about the property. That’s why nearly 80 percent of the people who buy a flat or house in the UK make use of it. It is almost certainly the one to have if you are serious about your due diligence.