Residential surveys and valuations

Residential surveys to meet your needs

On the South Coast and Isle of Wight we specialise in undertaking surveys and valuations on residential property for a wide range of clients including private individuals, commercial clients and lending institutions. An independent survey will help you to make a reasoned and informed decision on whether to go ahead with buying a property.

What are the benefits of residential surveys?

For homebuyers, arranging your own survey is the simple, cost-effective way to avoid unpleasant – and potentially expensive –surprises after moving in. In some cases, the surveyor’s report may allow you to renegotiate the price of the property.

Types of home survey available

As RICS surveyors, we offer two forms of survey specifically designed to help home buyers:

• The RICS Home Survey – Level 3 (formerly the Residential building survey)
• The RICS Home Survey – Level 2 (formerly the Homebuyer Survey)

Below is a comparison of the different surveys (including the Level 1 survey).

Full building survey- Level 3

A Residential Building Survey is described by RICS as:

A comprehensive, tailored report, including a structural survey of visible and potential problems. This report is designed for large, older or unique properties.

A Residential Building Survey will include:

• Diagnosis of defects, and detailed advice on repairs and maintenance
• A full description of the condition and construction of each element of the property.
• An overall assessment, including an overall opinion and summary and suggested further investigations

The Building Survey can include:

• A Market Valuation
• A reinstatement cost for buildings insurance

Homebuyers report- Level 2

This is described by RICS as:

The most popular report for buyers. A complete diagnostic report, including a valuation element, suitable for the majority of residential properties. It clearly presents all findings in an easy to read format.

The HomeBuyer Report includes:

A description of the condition of each element of the property

• Colour coded condition ratings
• A market valuation
• A reinstatement cost for insurance
• An overall opinion

A HomeBuyer report does not include:

• Cost estimates for repairs
• Any detailed description of the construction of the building or detailed advice on specific defects.

The RICS HomeBuyer report focuses on any areas requiring urgent repair, or that are significant and have an effect on the value of the property. RICS refer to this as “an economy survey” and it is in a standard format. The purpose is to provide you with information to make a reasoned and informed judgement on whether or not to buy the property at the agreed price, and whether you should obtain any further specialist advice.