Home Survey Level 1
(Condition Report)
Summary
A Home Survey Level 1 or Condition Report is a short, surface-level inspection of a property to highlight any significant defects. it will help the buyer to be aware of issues before committing to the purchase. It is the cheapest, but most basic type of survey available. The Condition Report is targeted at conventional properties that are new or less than 15 years old. The property must be in reasonable condition with the maintenance history easily accessible. A Condition Report is not suitable for older buildings, unusually constructed buildings, or properties with major known defects.
Why would I need a Home Survey Level 1 (Condition Report)?
A Condition Report provides you with important information not covered by a Mortgage Valuation. It includes a brief inspection of all aspects of the property, identifies risks and legal considerations, and includes a section of advice for your Solicitor.
The Report will identify individual elements of the property and highlight any areas of concern.
An overview provides information on the construction of the property, details of any serious problems that require attention, and details of anything that should be investigated before committing to the purchase.
What affects property value?
As a guide, property valuation comparisons are made of at least three properties of similar type within a two mile radius that have recently been valued or sold within the local market. This comparison will also take into account factors such as the condition & extent of comparable properties against the property undergoing valuation. Please note that this is a general sample of what a RICS surveyor will take into consideration when valuing a property:
Property Condition: First impressions count. It's not just important to the person valuing your property, but also to prospective buyers. How a property is presented will have an impact on both the valuer and the valuation. From thegeneral maintenance of the property right through to the garden and other external areas.
Local Amenities: This can have a dramatic effect on the value of a property. We have all heard of families in some areas moving home just to get their children into what they perceive to be the best local school. This type of local dynamic can have a huge impact on a property's value. The distance from the property to such as local schools, shops, GP surgeries & local transport can all affect the value of a property.
Location: Whether a property is located adjacent to a busy road, nestled within a quiet cul-de-sac or has open views across park-land can all affect the value of a property. Even the local reputation of an area that the property is located within will have an impact on the value of the property. The location of a property in respect of a local or national transport hub could also be seen as a positive factor if the area is considered as part of the 'commuter belt', but just as relevant to the property value is the amount of local traffic & any congestion or noise associated with such.
Noise & Social Activity: Noise pollution is an important consideration when placing a value on a property. Being situated close to a local train station while by some may be considered a value, the activity of trains through the local area & any noise associated with such activity can also lead to a devaluation of a property due to noise pollution.
Developments & Planning: It is also important the valuer researches any local developments, present & planned as any could affect the status of the property undergoing valuation. As an example take the recently announced HS2 route. This proposed route has had a dramatic effect on value of many homes that are close to this route.
