Buying a home is one of the most significant financial decisions you’ll make in your lifetime. Yet, despite its importance, many homebuyers are still skipping a crucial step – obtaining a home survey.
Only 10.6% of homebuyers instructed a home survey with their recent property purchase, according to the latest Countrywide Surveying Services Home Survey Trends Index for Q2 2024.
While this represents a 0.9% increase from the previous quarter, it still means that nearly 90% of buyers are potentially exposing themselves to significant emotional and financial risks.
What homebuying surveys on offer: How popular is each one?
With that in mind, let’s highlight the different types of home surveys available and their current uptake.
RICS Home Survey Level 2 (formerly the HomeBuyer Report): This can be ideal for conventional properties in reasonable condition as it provides a detailed report on the property’s condition and helps identify any issues that might affect its value.
In Q2 2024, 49% of those who got a survey opted for this level, although this is down from 61% in Q1.
RICS Home Survey Level 2 with Valuation: This includes everything in the Level 2 survey but also adds a valuation. The uptake for this type of survey increased to 44% in Q2, up from 33% in Q1.
RICS Home Survey Level 3: This is the most comprehensive survey, suitable for older or more complex buildings, listed properties, and houses with obvious defects.
It provides an in-depth analysis of the property’s structure and condition and the uptake for this survey type rose slightly from 6% in Q1 to 7% in Q2.
The cost – and value – of a survey
Inevitably, cost remains a key consideration for many homebuyers. However, the fact is that a home survey should be seen as an integral part of the homebuying process, not an optional extra or additional cost.
The actual cost of a survey (which can be up to £500 for an average priced property) is a small price to pay compared to the potential financial risks of buying a property with hidden defects. By opting for a survey, you can save time, money, and avoid future heartache, ensuring you make more informed decisions which will better protect such a significant investment.
So, don’t be part of the 90% who continue to take unnecessary risks by opening themselves up to some largely preventable homebuying perils.
Helen Stead is head of Countrywide Home Surveys
