The Homebuyer Report, now known as a ‘Level 2 Survey and Valuation’, includes a physical inspection of the property, a report based on the inspection and a valuation which is part of the report.

The Level 2 Survey and Valuation is described by the RICS as, “giving factual information on significant aspects of the condition of the property, usually a home, to the prospective purchaser.”

The Level 2 Survey and Valuation identifies defects which we consider urgent or of significant importance and likely to affect the value of the property. The report also provides a market valuation and building insurance reinstatement figure.

Visible defects are identified, such as the presence of rising damp, rot attack, woodworm, cracks in the structure etc. However, the testing of services is not covered ie. electrics, central heating etc, although a report on visible condition is given. If required the survey can incorporate an energy survey and testing of services at an additional cost.

The Level 2 Survey and Valuation Report replaced the Homebuyers Report and was designed to be a user friendly report with the minimum of technical jargon.

The surveyor must rate each element of the property for the report using one of the following ratings:

Condition Rating 1 – No repair is currently needed.

Condition Rating 2 – Defects that need repairing or replacing but are not considered to be either serious or urgent.

Condition Rating 3 – Defects that are serious and/or need to be repaired, replaced or investigated urgently.

The report provides you with detailed information on the most urgent or serious issues with your potential purchase. When you receive your report the potential defects of your property will be highlighted, so this means you’ll be able to judge the value of your purchase in line with any budget you may need for future works.