Investing in property can be a lucrative experience – especially when the right decisions are made at the right time. However, the ride is rarely smooth and without careful research and investigations, properties can be – or become – a liability; costing rather than generating money. Even seasoned property investors can make errors of judgement, and it is even harder for first-time investors.
A Chartered Surveyor can provide invaluable advice and help you make the right decisions, therefore providing a smoother journey in property investment. Here we look at the reports and professional advice a Chartered Surveyor can provide to help property investors.
Valuation Reports
Valuation Reports provide an accurate assessment of the value of a property based on a Chartered Surveyor’s professional assessment. A Valuation Survey is a requirement for most mortgage lenders – and so investors may need to obtain one in order to complete their purchase. Valuation Surveys are used to determine how much a lender is willing to lend on the property and can therefore determine the viability of the purchase.
Chartered Surveyors have the experience and expertise to accurately assess the value of the property – without any vested interest.
Valuation Reports can also be useful for landlords that may have several properties in their portfolio and are looking to sell/create an exit plan.
Home Survey Reports
A Home Survey Report is a detailed inspection of the condition of a property, designed to identify any potential problems that may need to be addressed after the purchase is completed. Home Survey Reports can provide invaluable knowledge and insight to investors; helping them to ensure that the property is fit for purpose and that there will be no costly surprises after the purchase.
As Chartered Surveyors provide an independent and impartial opinion on the condition of the property and the potential for any repairs that may be necessary, investors can use the information from a Home Survey Report to make informed decisions on whether the purchase remains a viable option. A Home Survey Report can also provide the potential to renegotiate on the agreed sale price, dependent on the findings.
Home Survey Reports can come in the for of a RICS Home Survey or a Building Survey Report. Both provide a good level of detail, with the latter being a more suitable option for older homes or those where a more thorough inspection is required.
Planned Preventative Maintenance
For landlords that already own property, a Planned Preventative Maintenance (PPM) programme is recommended. This helps to ensure that the property is kept in good condition, helping to maintain its value and keep it fit for purpose. A Chartered Surveyor can provide advice on how to implement a PPM programme and ensure that it is carried out efficiently and cost-effectively.
By consulting a Chartered Surveyor, investors can make sure that they make the right decisions when it comes to buying and managing property investments.
To speak to one of our experienced, knowledgeable and professional Chartered Surveyors, please get in touch.
