When purchasing a building, ensuring you make a sound investment can be overwhelming, with many things to consider. In order to alleviate any stress and gain a better understanding of your obligations you should invest in a pre-acquisition survey.
It is essential to analyse the condition, risk and liability associated with a property before you invest or lease it. An important part of the due diligence process it to carry out a pre-acquisition survey, which, will help you to make an informed decision before purchasing or investing in a property. It is one of the best ways for a potential buyer or investor to get critical information on the state of a building.
Pre-Acquisition Survey Benefits
An in-depth pre-acquisition survey gives a potential buyer critical knowledge on the condition of a building, with all present and potential problems being highlighted which will probably pay for itself many times over.
Not only can the survey give estimates on the life cycle costs of a building, advice on refurbishments or improvements and repair obligations, but is also a key source for information to help negotiate a better purchasing deal. It can also help to put a long-term plan into place to mitigate liability at the end of a lease or if the buyer decides to sell the building at a later point in the future.
Mitigating Potential Issues
It’s also important to get a realistic view of any potential problems a buyer may face before making the actual purchase. Finding a qualified and highly professional building survey company can help a buyer be aware of statuary compliance matters. The survey can also advise on any special tests that should be carried out.
These suggested tests may be for asbestos, deleterious materials and any potential land contamination issues. Other factors that should be considered are; up to date fire safety, building regulations and planning permission compliance.
Upon receipt of your survey results, an action plan of your next steps should be created to outline areas of concern and may cause significant cost within the next two years. Keep the information clear and concise giving you the best chance negotiating a better deal.
When it comes to evaluating a property, gather as much knowledge as you can about the building you are looking to take on and ensure you have a good understanding of what the future holds for it, that way you can move forward with your decision and feel confident you are making a sound investment.
For all your surveying requirements please contact Chris