Have you considered whether the purchase of a property will be a short term gain, but a long term loss?
Building surveys are an essential tool used by an investor during the pre acquisition due diligence. Many investors looking to purchase property underestimate the importance of conducting a building survey on the property. Conducting a building survey will identify short, medium or long term gains the property can provide in the future.
NB Real Estate’s Director of Building Consultancy, Bob Cooke says “The collective data allows the investor to assess a potential investment in terms of the building fabric, services and the surrounding site.”
What will it cover?
Building surveys will provide advice and recommendations on:
- Existing building fabric and future works identified over short, medium and long term on an elemental basis
- Budget costs for maintenance and capital works required over the short, medium and long terms
- Building service advice, including maintenance/replacements of the M&E installations, including budget costings
- Detailed environmental investigations and identifying potential issues
- Reinstatement insurance assessments.
You need to understand what you are buying!
Inspection of the proposed acquisition property can be done within a short timescale. All elements of the land and structures are included in the inspection. The subsequent report will set out all issues and recommendations concerning the property. A full after care service will give insight to certain areas in further detail and highlight any pertinent issues that could affect the investor. This is important since comprehensive budget costings for defects and improvements will assist the investor with the negotiations.
In the last couple of years, NB’s Building Consultancy team surveyed over £250 million of property for investment and have a firm grasp of what is key in a pre acquisition due diligence.