When purchasing UK investment property for sale or in any other part of the world in general, a survey is a must. If anything, it’s a necessity and making do without one is a surefire recipe for disaster. It’s like signing up to one’s doom. Tragic and silly as it may sound but it is.
Buyers and investors benefit a lot from hiring a chartered surveyor to look into an asset. It may be deemed an expense but it’s a cost that’s worth it anyway and makes a purchase far more effective and successful. But why? That’s what we’re about to discuss today.
By definition, a survey is the procedure by which various features and details of a real estate property are examined and assessed to identify its current potential and numbers. It’s used to not only validate seller-given information but also to uncover more important details about a property that may not have been available. These two are perhaps the most important benefits that one can derive from having investment properties for sale UK surveyed.
Among the many things that will be included in a survey report are as follows:
- Remaining useful life – an estimate of how long the property at its current condition will remain to be functional and of value
- Current market value – the price by which a seller is willing to sell and a buyer is willing to buy in the market
- Ongoing costs – regular or periodical repairs and maintenance expenses spent on the asset after its acquisition that are necessary for its upkeep
- Title and ownership – validating if the sellers have the right to trade the property and if there are any liens or encumbrances on it
- Construction materials – what materials were used in the construction of a certain structure or building
- Depreciation – how much value the asset loses per period over the course of its useful life
- Appreciation potential – how well various factors can affect the increase in the asset’s value over time
- Safety and security – crime rates of the neighborhood as well as the likelihood of natural disasters and accidents like flood, fire and hurricanes
- Previous uses and/or owners – details on who made use of the property and what it was used for
- Construction and renovation history – what additions or changes were made to the original structure since its erection
- Land/building quality – if the land is fit for construction of a particular structure
- Property condition – the current state of the investment property as of the present
All that and more will be uncovered and/or validated once the UK investment properties for sale are surveyed. Find out more at singerviellesales.com/properties.