A homebuyer report, also known as a Level 2 Survey, is a property inspection carried out by a qualified surveyor. It is more detailed than a basic mortgage valuation but less comprehensive than a full structural survey. It is the most popular type of survey for buyers of conventional properties in reasonable condition.
The survey uses a traffic-light rating system to highlight the condition of different elements of the property, from the roof and walls to the plumbing and electrics. It identifies significant defects, potential legal issues, and areas that need further investigation. It does not include looking behind walls, under floors or in inaccessible areas.
A homebuyer report typically costs between £400 and £1,000 depending on the size and location of the property. It can provide valuable negotiating power if issues are found, as you may be able to renegotiate the purchase price or ask the seller to carry out repairs before completion.
You commission a homebuyer report on a 1980s semi-detached house. The surveyor identifies damp in the rear wall and rates the roof covering as amber, recommending further investigation. You use these findings to negotiate £5,000 off the purchase price.
Key Points
- A mid-level survey suitable for most conventional properties
- Uses a traffic-light system to rate the condition of each element
- Identifies significant defects and areas needing further investigation
- Does not cover areas that are hidden or inaccessible
- Can provide useful leverage for price negotiations