Posted by Buying a property is probably the biggest single investment people make in their lives, and I would hope that you’ve read enough of my blogs, or listened to enough episodes of my podcast, to know that it’s rarely, if ever, a straightforward process!
Whilst you shouldn’t expect the journey to go in a straight line from A to B, there are a few points on the map that you need to hit, and you need to make sure you’re making informed decisions all the way.
The very first thing you need to do is get a building surveyor involved right away and get an assessment of the building you’re looking at. In fact, a building surveyor should be your first port of call when you start any kind of project. You have to know where you stand: is the building in good condition? If not, how bad of a condition is it actually in?
You need every piece of information that’s available to you, in order to avoid any potential pitfalls, and this is where your building surveyor comes in.
What’s a building surveyor and what do they do?
Firstly, let’s take a look at the role of a building surveyor, and why they’re so important.
When it comes to real estate, your building surveyor plays a pivotal role in ensuring that buyers make informed decisions by providing a comprehensive assessment of a property’s condition. They’ll have a deep understanding of construction, building regulations, and property conditions, and act as an impartial third party, offering expert insights into the physical state of a property.
In a thorough examination of a property, they’ll assess it inside and out, identifying any potential issues that may impact the value or safety. After that assessment, your surveyor will compile a detailed reports outlining their findings, providing a clear picture of the property’s condition, including any existing problems or areas that may need attention.
They’ll also ensure that properties comply with local building codes and regulations. This includes assessing renovations, extensions, or any alterations made to the property to confirm they meet the required standards.
Risk mitigation
I’ve talked before about before about mitigating risk, and a surveyor will help you mitigate asset risk. If you don’t know what to look for in a property that you’re buying, you may end up out of pocket from needing to fix or rectify something wrong with your property that wasn’t immediately apparent.
If you’re buying, a surveyor will play a crucial role in risk mitigation by identifying potential hazards or structural issues, which could give you space to negotiate terms with the seller.
What issues are they looking for?
If the initial attraction of a property is in the aesthetics, then it’s true character is found beneath the surface. But what might your surveyor find when they scratch at that surface?
For example, surveyors are adept at recognising different types of cracks, determining whether they are superficial or whether they’re hinting at more serious structural issues such as subsidence or settlement. They can identify various types of dampness, whether it’s rising damp from the ground, penetrating damp from leaks, or condensation issues, and they’ll look at your wiring too, looking for anything outdated, potential fire hazards, and areas of non-compliance with safety standards.
It’ll mean you’ve got a realistic understanding of the property’s condition, which will help you decide whether or not to actually go ahead with the purchase in the first place.
Building surveyors don’t just go around looking for problems though – they also provide recommendations on how to address issues and improve the property. This advice can be invaluable if you’re planning renovations or upgrades.
Older buildings
Speaking of upgrades, if you’re buying an older property, especially one with historical or architectural significance, you need a pre-purchase survey to identify features that require conservation or restoration to maintain the property’s historical integrity. An older building may have hidden defects that have developed over decades, not to mention being more susceptible to issues like woodworm, dry rot, or invasive species.
If the property falls under preservation regulations or is listed as heritage buildings, you need to work with someone familiar with these regulations, who can ensure that any renovations or repairs comply with preservation guidelines. If you’re looking to integrate modern amenities, your surveyor will assess the feasibility of such integrations and identifies potential challenges.
Crucially, your surveyor will hep you understand the extent of required restoration or maintenance, which will allow you to plan and budget accurately.
If you do decide to go ahead with the purchase, your survey will be invaluable when it comes to negotiation. If significant issues are uncovered, you could use this information to renegotiate the property’s price, or to request that specific repairs be undertaken before completing the sale, which will also reduce the chance of any disputes, post-purchase!
Choosing your surveyor
So, hopefully by now you’re in agreement that a great surveyor is a critical part of your network, but how do you choose one? Obviously, you should reach out to your network in the first instance – after all, you should always start with asking Who you know that can help you – but there are a few other things you should consider.
Always check someone’s credentials: make sure they hold the relevant professional qualifications. Look for someone with experience in assessing the specific type of property you are considering, whether it’s a residential home, commercial building, or historic property. Expertise in the relevant sector is crucial for a comprehensive evaluation, and if your surveyor also has local knowledge, they’ll be better equipped to navigate any regional building codes, regulations, and preservation guidelines.
Confirm they have professional indemnity insurance – it’s crucial in case errors or omissions are discovered after the survey, providing financial protection for both parties, and clarify the extent of the surveyor’s liability in the event of any issues arising post-purchase. Make sure they have a transparent and clear fee structure, and understand the costs associated with the survey, including any additional charges for specific services or follow-up consultations.
Ensure that the surveyor’s services align with your needs. Clarify what is included in the survey and if there are options for additional services if needed, and above all, make sure you can communicate with them! A surveyor who can explain complex findings in a clear and accessible manner is essential for ensuring that clients fully understand the assessment.
I hope you’ve found this useful – it’s vital to understand how important working with a building surveyor is to your career in real estate. If you’d like to hear a more in-depth conversation on the topic, take a listen to my conversation with Krystyna Rawicz on Episode 174 of the podcast.