HomeBuyers Survey Cost - What is included and what should you pay?
05/07/2020
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6 min read
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Part of the conveyancing process is to instruct a RICS HomeBuyer Survey to highlight defects within the property. When choosing which surveyor you are going to work with one of the biggest questions is What is the HomeBuyers Survey Cost? In this article we explain the different types of Home Buyers Survey you can get, which properties suit the different types of survey and the average cost of a home buyers survey.
What are the different Home Buyers Survey?
You can choose from one of the following types of RICS survey:
- 1
Level 1: Condition Report suitable to give a less detailed review of a condition of a standard construction property.
- 2
Level 2: HomeBuyers Report (with or without a valuation) suitable for the majority of properties that are flats, bungalows or standard construction houses. Gives more detail than the Condition Report. Read more about and see an example of the Level 2: HomeBuyer Report
- 3
Level 3: Building Survey suitable for larger, older properties that are unique, in disrepair or have been extended. The Full Building Survey Cost will be more than a HomeBuyer Report because of the additional time required to deliver the service. Read more about and see an example of the Level 3: Building Survey.
The HomeBuyers Survey cost will increase the higher level a survey your property requires. If you are unsure which survey best suits your property then you may end up buying the wrong survey - costing you more money than is necessary. Click here to see which home buyer survey suits your property or call now to speak to one of our survey specialists 0333 344 3234 (local call charges apply).
Frequently Asked Questions
Does a RICS HomeBuyer Report cost more if there are more defects?
The condition of the property will be a factor because it will take longer to complete whilst the surveyor inspects the defects and follows any suspicions as to the cause of them. With this said, the homebuyers survey cost is also based on the property's:
- Size - the larger the property the more time it will take the surveyor to complete their inspection.
- Market Value - the more expensive the property is the greater the cost of the surveyor's indemnity insurance that they pay each year. The more high value properties they undertake surveys on, the higher the cost of the surveyor's insurance premium.
- Type - the type of property can considerable increase the home buyers survey price. Types of property include thatched roof, steel frame, timber frame, pre-fab, older (Edwardian, Victorian, Georgian, Tudor)
When getting a quote for the HomeBuyers Survey Cost always make sure to explain in detail about the property otherwise the cost of home buyers report could increase once the surveyor attends the property. When we provide a Home Survey Cost for any property you are buying. We first review the type of property you are buying using Rightmove or Zoopla. We do this to make sure you get the correct survey for the property you are buying and this ensures our quotes are fixed - call us today if you need any help 0333 344 3234 (local call charges apply).
What is included in a HomeBuyers Survey? | Example HomeBuyers Survey |
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How can Rightmove help confirm the HomeBuyers Survey Cost?
- Photos - poor condition, defects or extensions will mean the survey costs more and may require a Building Survey.
- Floor Plan - larger sized properties and extension will mean the survey costs more and may require a Building Survey
- Price History - to check if the property is being sold above or under previously sold properties. The higher the property's value the greater the home buyers survey price.
What you can do to help is provide your own experience of the property such as:
- Were there any smells? musty, damp, rotting.
- Was the property warm or cold?
- Did the hot water turn on quickly?
- Was there a loft hatch and was it accessible?
- Have any of the walls been removed?
- Are there any extensions?
- Did your searches flag flooding in the area
Does a RICS HomeBuyers Survey cost more?
RICS surveyors can be more expensive than differently qualified surveyors. They carry professional insurance, trained for in excess of 6 years before being qualified, regulated by The Royal Institution of Chartered Surveyors (RICS) and have a formal complaints mediator (CEDR). The additional protection and regulation comes at a higher survey cost.
The majority of surveys undertaken for home buyers are undertaken by qualified RICS surveyors and the Level 1-3 surveys described above can only be provided by a RICS surveyor. Non-RICS surveyors may offer a cheaper home buyers survey price however this won't be a RICS HomeBuyer Report; it'll be a similar version.
What is the average cost of a home buyers survey?
The cost of a home buyers survey varies depending on the factors listed above, however for our clients the average cost of home buyers survey is £400 excluding VAT. The average cost for a Building Survey is higher.
The cost of home buyers survey in 2018 was lower than in 2019 and now in 2020 because the average price of property has increased - higher property prices mean a higher home buyers survey price. The average prices through England:
Location | Average Property Price 2018 | Average Property Price 2019 | Find out more |
London | £473,252 | £483,922 | |
Birmingham | £188,896 | £190,195 | |
Manchester | £179,408 | £185,809 | |
Reading | £300,690 | £289,146 | |
Source: UK House Price Index |
Does a house survey cost more?
As a rule survey fees for buying a house are more expensive than those when buying a flat because a house is larger, it has more parts to it and you can inspect the full property. All in all it means that the time it takes to complete the service will be longer; including inspecting the property and writing up the report.
A flat, which you only need a HomeBuyer Report for, only has a set amount of area with the total property and whilst the surveyor will inspect the immediate communal area near the property they won't be inspecting every leasehold flat. The objective of the surveyor is to make sure the property you are buying is valued at the right economic value in the current market based on the property's condition.
There is less to inspect during a survey of a flat so the cost of the survey will be less than that of a house. What may influence this is a London HomeBuyers Survey where the value of the property makes the home buyers report cost more.
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