Is a Level 2 survey worth it?
Buying a home is likely to be the largest purchase you ever make, yet many buyers still rely on the mortgage valuation alone. A RICS Level 2 Home Survey provides a clear, independent picture of the property's condition before you commit. Below are ten reasons why it is worth having.
1. The mortgage valuation is for the lender, not you
A mortgage valuation exists to confirm that the property is adequate security for the loan. It is not an inspection of the condition of the home, and it is not written for you. A Level 2 survey is.
2. Clear traffic-light condition ratings
Each part of the property is given a condition rating: 1 (no repair currently needed), 2 (repairs or replacement needed but not considered serious or urgent) or 3 (defects that are serious and/or need to be repaired, replaced or investigated urgently). This allows you to see at a glance what matters most.
3. Evidence to renegotiate
If the survey identifies significant defects, you will have independent, professional evidence to present to the seller or agent when discussing the price.
4. Know about repairs before you exchange
Problems with the roof, damp, timber decay, drainage or outdated services are far easier to plan and budget for when they are known before exchange of contracts, rather than after you have collected the keys.
5. Issues flagged for your legal adviser
The report highlights matters that your conveyancer should check, such as alterations that may require building regulations approval, planning consents, guarantees and boundary queries.
6. Risks that affect insurance and resale
Where visible, the surveyor will note risks such as signs of movement, Japanese knotweed and other hazards that may affect your insurance, your safety and the future saleability of the home.
7. The right level for most conventional homes
A Level 2 survey is designed for conventional houses and flats built from common materials and in reasonable condition, which includes the majority of homes purchased in South Wales.
8. Peace of mind at a modest cost
The survey fee is a small fraction of the purchase price, and of the potential cost of an unexpected repair. Knowing exactly what you are buying is well worth the investment.
9. Clear advice written for you
The report is written for the buyer in clear language, with advice on the next steps to take and whom to approach for further investigation where required.
10. Local knowledge of local homes
From Victorian terraces in Newport to stone-built homes in the Valleys, a local surveyor understands how properties in the area were constructed and the defects they commonly develop.
Level 2 or Level 3?
A Level 2 survey is a visual, non-invasive inspection. Furniture is not moved, floorboards are not lifted and services are not tested. For older properties, homes that have been significantly altered, or properties in poor condition, a RICS Level 3 Building Survey provides a more detailed inspection and fuller advice. If you are unsure which survey is right for you, please contact us and we will be happy to advise.
Buying in Newport or South Wales? Contact us today to book your RICS Level 2 Home Survey.
Add comment
Comments