Pricing
The average benefit of a Level 2 Homebuyer Report and a Level 3 Building Survey can vary depending on the property, location, and condition. However, industry reports provide some general estimates:
Overview
RICS reports: Skipping a survey costs buyers an average of £5,750 in repairs, with 17% facing over £12,000 in critical repairs.
Some home buyers will get lucky and find a property that has no secrets that need revealing, whereas some are not so lucky. Kelly Case, featured in a BBC article, had serious buyers remorse after buying a faulty property, without having a survey done and faces total costs of up to £95,000.
Level 2 Homebuyer Report:
- Cost: £400-£900
- Average Benefit: £1,500-£3,000 (benefit-to-cost ratio: 3:1 to 5:1)
Benefits:
- Uncover hidden problems that could lead to costly repairs down the road.
- Expose potential issues that may significantly affect the property value.
- Gain a complete picture of the property's condition to make informed decisions.
Level 3 Building Survey:
- Cost: £700-£2,000
- Average Benefit: £5,000-£10,000 (benefit-to-cost ratio: 5:1 to 10:1)
Benefits:
- Identify major defects and structural issues that could require significant repairs or even demolition.
- Provide a detailed assessment of the property's condition, including recommendations for repairs and maintenance.
- Help buyers budget for future repairs and maintenance costs.
- Studies by the Building Surveying Faculty of the RICS suggest the average cost of defects identified in a Level 3 Building Survey is around £5,000-£10,000, potentially saving you several times the report cost.
Remember, these are estimates. The actual benefits can vary depending on the property and your specific needs. Ready to gain peace of mind and avoid costly surprises?
Learn more about our Level 2 Homebuyer Report and Level 3 Building Survey options today!
Unsure which survey is right for you?
Discover the recommended Survey and price in minutes.