Pre-purchase building surveys are no longer just about highlighting a building’s condition and construction methods, or stating the life expectancy of certain elements or plant, but can help investors maximise their investment, says Mark Davies, Director of Building Surveying Services at Worcestershire commercial property consultancy GJS Dillon.
Often, all a buyer wants to know is that the building is sound. Chartered building surveyors can answer that, but can also provide more commercial advice on market trends, added value, leases, property management and asset management opportunities.
Building surveyors can advise on repair, conversion and refurbishment costs, design trends and the likely end values as part of any due diligence or report.
They can also report on how an existing lease will affect an investment. For example, a building may be in poor condition but with a good lease in place, to a good covenant, this may not matter.
They can also advise on opportunities for further capital expenditure or asset management opportunities to add value using the knowledge and experience they’ve gained from working on refurbishment projects. So look at a building survey as something more than just normal due diligence, but as an opportunity to consider options on how to add value to your investment.