RICS LEVEL 2 HOME SURVEY
Also known as the RICS Homebuyers report
RICS LEVEL 2 HOME SURVEY REPORTS IN NEWTON ABBOT, EXETER, TEIGNBRIDGE, TORBAY AND ACROSS DEVON.
Buying a property can be stressful, but the RICS Level 2 Report helps to reduce the risks associated with purchasing your new home. It helps you assess if you’re paying a fair price as well as reducing the risk of unexpected issues, or costs, arising in the future.
WHAT IS A RICS LEVEL 2 REPORT?
A complete diagnostic report suitable for the majority of residential properties. It presents all findings in an easy to read document. This report will help you find out if there are any structural problems, such as subsidence, as well as any other unwelcome hidden issues inside and outside.
The RICS Level 2 Report is a professional assessment of the issues that may affect the value of the property. It also provides information on repairs and possible ongoing maintenance requirements.
WHAT DOES A RICS LEVEL 2 HOME SURVEY REPORT COVER?
The interior and exterior of the main building and all permanent outbuildings will be inspected, but your surveyor will not force or open up the fabric. This means that your surveyor will not take up carpets, floor coverings or floorboards, move furniture, remove the contents of cupboards, roof spaces, etc., remove secured panels and/or hatches or undo electrical fittings.
A Level 2 Report will cover the following points:
Woodworm and rot
Dampness and condensation
Walls and floors
Chimney breasts and joinery
Rainwater pipes and gutters
Windows and doors
Drainage and boundaries
It will also provide:
A list of issues that need attention
Advice on repairs and ongoing maintenance requirements
A round-up of any legal considerations
WHEN IS A RICS LEVEL 2 REPORT REQUIRED?
A RICS Level 2 Report is ideal for more conventional residential property built within the past 100 years. It provides extensive information and is suitable if you are buying or selling a house, flat or bungalow, built from commonly used materials and in reasonable condition. It's the most popular type of survey for home buyers as it's detailed enough to indicate major issues but is less costly than a more thorough report.
For higher-risk properties, it's worth considering a more thorough survey such as the RICS Building Survey that will give you more details on any costly, or potentially expensive, issues within the building and grounds.
You’ll need a RICS Level 2 Report if the property is:
Fairly modern and built less than 100 years ago
In average condition
Has no obvious signs of damage
Hasn’t had any renovation work done
HOW WILL A VALUATION BE CALCULATED?
The RICS Level 2 Report can be done with and without valuation. Valuation is an optional add on. If you choose to add the valuation, your surveyor will give an opinion on the market value of the property at the time of the inspection.
The surveyor will visually inspect the property, taking note of its age, build type, construction method and any other relevant characteristics. Using a range of information and databases, the findings will be compared against similar sold properties and the figures adjusted until the surveyor arrives at a considered and reasoned opinion of the market value.
After the valuation is calculated you might be able to revise your offer if the survey reveals a lower price than the mortgage lender’s valuation.