Many people skip the homebuying survey but, in fact, they can be highly valuable. Helen Stead explains what survey options are available and why they are an integral part of the home purchase process
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
