Stipendium has broken down the homebuying process into 12 essential steps to help the nation’s homebuyers.

Get mortgage ready
Book mortgage appointment
Find a property
Make an offer and get accepted
Instruct a conveyancer
Understand property surveys
Offer and exchange
Get new home ready
Get utility ready
Exchange contracts
Moving day checklist
Completion day

This week, it’s all about properly understanding property surveys.

What is a property survey?
A property survey is a detailed assessment of a property conducted by a qualified surveyor. As a homebuyer, surveys are designed to give you as much information as possible about the home you are buying, including any issues or defects. The surveys will then offer possible solutions for the problems, alongside an estimated cost for the required work. For the most part, surveys take place during the conveyancing portion of the homebuying process.

Do I actually need these surveys?
Property surveys are optional. You can go ahead and buy a home without them, but this would be a mistake. Surveys exist to help you avoid any unexpected or unwanted surprises that could require great expense to fix or could severely damage your enjoyment of living in the home. So, while surveys do come at a price, they’re more than worth the cost because they help you make sure that the price you’re paying for the home is fair and reasonable.

Surveys are particularly important if you’re buying an old property, a property that hasn’t been on the market for a long time, or a property that has a thatched roof, timber frames, or is listed.

The three basic types of survey
Homebuyer Reports
This is a detailed survey and visual inspection of the home. It includes insights into the overall condition of the property from top to bottom and will highlight any clear and obvious problems.

Building Survey
This is a more comprehensive survey than the Homebuyer Report. It contains everything the Homebuyer Report does but then takes a deeper dive into the true condition of the property. This is the best survey to commission if you’re buying an old or unusual home.

Mortgage Survey
If you’re using a mortgage to buy the property, your mortgage provider might arrange for their own survey to be conducted. This is not a true survey, rather a brief overview of the property and how much it is worth. The lender wants to know that, should you default on the loan, the property is valuable enough to cover the money you owe them. Despite this survey being requested by the mortgage provider, there is still a good chance that you will have to pay for it.

A comprehensive guide to all surveys

RICS Home Survey Level 1 – Cost: £300-£900 – Takes around 1 hour to complete
This is the most basic and cheapest survey, perfect for those who are buying a conventional property in decent condition and constructed from common materials. It will give a very simple overview of the property’s condition and highlight any glaring issues while suggesting how vital it is that each issue is addressed. As with all surveys, the time and cost will vary depending on the size and type of the property.

RICS Home Survey Level 2 – Cost: £400-£1,000 – Takes around 3 hours to complete
This is the one most homebuyers go for. It’s a more detailed version of the above, containing everything from a Level 1 survey but also taking into account the roof and cellar. The surveyor will also make recommendations for any further investigation if it’s required and provide advice on how much repairs should be expected to cost

RICS Home Survey Level 3 – Cost: £630 to £1,500+ – Takes up to one full day to complete
This is a full structural survey and the most thorough survey that the Royal Institute of Chartered Surveyors (RICS) offers. This is a good choice if you’re buying an old property, 50+ years old, or if the home has an unusual design or is constructed using unusual methods and materials. It is the most expensive of the three RICS Home Surveys.

RPSA Home Condition Survey – Cost: £400-£900
This is the same as a RICS Home Survey Level 2 but is conducted by the Residential Property Surveyors Association (RPSA) instead of RICS. Both bodies are fully qualified and accredited. It will also include information like broadband speed, damp assessment, and boundary issues.

RPSA Building Survey – Cost:£630-£1,500+
This is the RSPA equivalent of the RICS Level 3.

Christina Melling, CEO of Stipendium, commented:

“The homebuying process has come to be seen as one full of hidden costs, some of which people believe are unnecessary, designed only to line the pockets of the property professionals you meet along the way.

Surveys, however, are a worthy expenditure and one that we would always encourage homebuyers to consider money well spent. Better to spend £1,000 now than discover a property issue later down the line and end up spending £10,000 to fix it.

“Perhaps a more pressing concern in the current housing market is the time it takes to get surveys completed. The market is so busy that there just aren’t enough surveyors to go around which is resulting in hold ups. In a busy market, delays can be deadly and result in a sale falling through. It’s really important to be well prepared and make survey bookings as early as you can. Our Merge platform can help you achieve this, ensuring that your buying journey is as concise and efficient as can be.”