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 along the way that you need to hit, and you need to make sure you’re making informed decisions all the way.
It can be tempting to think that you can go it alone, and you don’t need external help… but that would be a huge mistake! However, even if you have a strong network, you might be tempted to cut corners and skip a few costs to try and save money.
Amongst the experts you need in your corner, a building surveyor is key. But what do they do, why are they so important, and will they really save you money in the long run?
Your first port of call
The very first thing you need to do when you’re considering a deal is to get a building surveyor involved, so you can get an assessment of the building you’re looking at. 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 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 report 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 a lot before about the different types of property risk, and how to mitigate them, and a surveyor will help you mitigate asset risk. If you don’t know what to look for in a potential purchase, you could easily end up out of pocket from needing to fix something wrong with the property that wasn’t immediately apparent.
A surveyor will play a crucial role in risk mitigation by identifying potential hazards or structural issues, which in turn, could give you space to negotiate terms with the seller, depending on what they find.
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?
As an example, surveyors are adept at recognising different types of cracks and determining whether they’re 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.
That means you end up with 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 to add value, which 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 identify potential challenges.
Crucially, your surveyor will help you understand the extent of any 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 team, but how do you choose one? Obviously, you should reach out to your network in the first instance –always start with asking who you know that can help you – but there are a few other things to consider.
- Do they have the right credentials? Make sure they hold the relevant professional qualifications. Look for someone with experience in assessing the specific type of property you are considering, as expertise in the relevant sector is crucial for a comprehensive evaluation.
- Do they know the area? If your surveyor also has local knowledge, even better, as they’ll be better equipped to navigate any regional building codes, regulations, and any necessary preservation guidelines.
- Make sure their services align with your needs. Clarify what is included in their survey and whether there are options for additional services if needed.
- Can you 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.
A building surveyor isn’t just a nice-to-have – they’re an essential part of your property investment team. They provide the detailed, expert insight you need to make informed decisions, avoid costly mistakes, and negotiate from a position of knowledge rather than guesswork.
Yes, there’s a cost involved, but it’s minimal compared to the potential financial and legal headaches they can help you avoid. Think of it as an insurance policy that actually pays dividends before you even complete the purchase.
Whether you’re buying your first rental property or your fiftieth, never skip this step. The few hundred pounds you spend on a survey could save you tens of thousands down the line – and more importantly, it could be the difference between a sound investment and a money pit.
I hope you’ve found this useful. 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.