Survey (RICS Level 2 vs Level 3)

A survey is an independent assessment of a property's condition carried out by a chartered surveyor. The Royal Institution of Chartered Surveyors (RICS) defines two main survey types for residential property:

**RICS Level 2 Survey (Home Survey - Level 2, formerly Homebuyer Report)**: Suitable for conventional residential properties in reasonable condition. Provides a condition rating for each element of the property (1: no action needed, 2: monitor, 3: investigation or repair needed). Includes advice on significant defects and ongoing maintenance. Cost: £400-£700 for a typical terrace.

**RICS Level 3 Survey (Home Survey - Level 3, formerly Building Survey)**: More detailed and appropriate for: older properties (pre-1900), non-standard construction, listed buildings, properties needing extensive renovation, or any property where serious problems are suspected. Provides a thorough analysis of construction, all accessible elements, and in-depth commentary on defects. Cost: £600-£1,500 depending on size and complexity.

For property investors: - Level 2 is appropriate for modern or post-1950s conventional construction in reasonable condition - Level 3 is recommended for Victorian and Edwardian terraces (a large proportion of BTL stock), properties with known or suspected structural issues, and properties being considered for significant refurbishment

The cost of a Level 3 survey is small relative to the protection it provides. A structural issue missed at Level 2 accuracy on a Victorian terrace can cost tens of thousands of pounds.