As an owner or investor, you are probably on the lookout for the perfect building. When you think you’ve found it, you need to be sure. Whether a building or a unit is converted, renovated or newly built there may be surprises lurking. This is the fundamental reason to appoint a RICS accredited building surveyor. However, it’s not just a case of seeking out potential problems and pitfalls. A building surveyor is required for financial and legal aspects throughout a purchase or lease negotiation. What role does a building surveyor play? Put simply, it’s up to you. A RICS accredited surveyor is an asset for a number of elements to your purchase or lease negotiation. From monitoring or pre-purchase surveys to valuation, maintenance reporting and dispute resolution, their skills are varied. During a purchase or leasing process, obstacles and challenges are often encountered and overcome. If you plan to invest in a building or a unit, it is vital that no compromises to your investment are made. Not only this, but a continual building value assessment can help to regulate cashflow when managing a portfolio of buildings. When should you appoint your surveyor? A building surveyor can provide input all throughout a purchase or negotiation process. For this reason, you should appoint your surveyor at the earliest opportunity. Your building surveyor can review specifications and ensure that documentation is correct. They can potentially aid a negotiation process by advising of any weaknesses or exclusions prior to a final sale agreement. In addition, they can support decisions regarding financial payments, based on the actual value of the building. What should you expect? A purchase or lease negotiation is often complex and lengthy. Your RICS accredited building surveyor will ensure that specification standards, regulations and practical considerations are met. The report or reports that you receive will help you to understand the position that your potential investment holds within its local area. This information will aid you in positioning your investment correctly. Essentially, your surveyor is your representative during an acquisition, whose expertise and reports will protect and support your investment. What about post-purchase? Property investment is a long term project. After a purchase or lease negotiation is finalised, there will still be the occasion for you to call on the services of a building surveyor. The value of your building, portfolio or units may be required for company accounts, ongoing maintenance management, or legislative compliance. So ensure that you maintain the relationship with an experienced and RICS qualified building surveyor. On future occasions, it will be a help to bring in an associate who is already familiar with your building. Where should you source an experienced building surveyor?
