Whilst some people may think a survey isn’t essential when purchasing a property, seeking advice from an impartial and experienced chartered surveyor is incredibly important. It can help make purchasing easier and give you a clear property overview. The experts at Fourth Wall have compiled this guide to guide you through a pre-acquisition survey. But first things first, why do you need a pre-acquisition survey?
A pre-acquisition survey will identify defects and remedial works. The survey will outline costs, potentially saving you thousands of pounds and a lot of stress in the long run. It will also save you time as you will know about the defects in the new property before you even move in.
Read on to learn more about pre-acquisition surveys and why you need one when buying a commercial property with Fourth Wall.
What Is A Pre-Acquisition Survey?
A pre-acquisition survey comprehensively assesses a property’s condition and structure. As a buyer, it allows you to fully understand the current state and structural integrity of the property they have offered.
As a buyer, having a pre-acquisition building survey before you purchase the property will help you understand the building, any issues and remedial works, any future costs that might occur, and any other liabilities you may be responsible for.
What Does A Pre-Acquisition Survey Involve?
A pre-acquisition survey thoroughly analyses the existing building structure and condition. The survey identifies any present defects, including future maintenance requirements and costs, and comments on the legislative compliance issues affecting users, owners and occupiers. It should be carried out by a Chartered Building surveyor like us here at Fourth Wall to provide you with an expert property analysis.
What Are The Benefits Of A Pre-Acquisition Survey?
When owning and understanding a property, the benefits of a pre-acquisition survey are endless, and the report will pay for itself several times over. We’ve highlighted some below, but we’re always happy to chat if you have any questions, so get in touch.
Identify Major Issues With The Property
Our surveys will detect if your home has any severe problems that may be costly, from dry rot to roof replacements; you’ll receive guidance on remedial repairs and the costs involved. According to The Royal Institution of Chartered Surveyors (RICS), buyers who didn’t get a survey faced, on average, £5,750 worth of repairs when they moved in, making it crucial to have your property surveyed.
At Fourth Wall, we won’t just tell you there’s an issue; we’ll give you a clear overview of how to sort it so you understand the defects and can confidently move forward with your purchase. Our bespoke survey reports also include an executive summary that can be sent to your solicitor so they can make any necessary enquiries with the seller.
Highlight Minor Issues For The Future
Having a survey isn’t just about the big problems but also the minor issues you should be aware of when taking on a property. They aren’t deal-breakers; they may likely be expected for a property of a certain age, but they could cause you issues if they’re not sorted. This could be a drainage issue, damp, defective misting windows, or an old consumer unit that needs replacing.
Our pre-acquisition building survey will identify and explain all of these, using a traffic light system to highlight what needs fixing and when and giving a complete outline of budget costs so you can make an informed decision about your next steps.
Book Your Pre-Acquisition SurveyWhat Would Happen If You Don’t Have A Pre-Aquisition Survey?
Without a pre-acquisition survey, you may not be aware of any defects within your property or what remedial work may be required. This could cost you a substantial amount of money; according to the RICS, 17% of people who move into their homes pay more than £12,000 on average to make it hospitable. An inspection of the property can put your mind at ease and allow you to move forward with purchasing the property.
Receive Expert, Impartial Advice From Fourth Wall
Whether you’re a first-time buyer or an experienced homeowner, a pre-acquisition survey will give you the expert advice and guidance needed to proceed with your purchase. A building surveyor works for you, providing an impartial opinion on the property’s condition.
While you may spot some mould or dampness on a short property viewing, you’re unlikely to know the cause or the remedial works needed. That’s what we’re here for. A Chartered Surveyor inspecting the property will give you the peace of mind that this property is the perfect investment.
If you’re buying a commercial property and need the advice of a friendly and professional building surveyor, don’t hesitate to get in touch.
