If you're considering property investment, you need to be sure about what you're putting your money into. Not everybody is an expert in finding the weak spots in a property. In most cases, people don't actually know where to look.
That's why using a chartered surveyor during the process is so important. How can you be sure it's the right investment if you don't have all the information to make that decision?
A chartered surveyor will assess properties for defects or problems that may cause issues in the future. They can also work out the value of a property. This is the kind of information you need to ensure you're making the right decision for your property investment.
The property might look like a good investment right now, but will it be in the future? The housing market is constantly fluctuating. You need to know the ins and outs of your property in case you need to sell it quickly later down the line. If you don't, it could lead to serious delays when you eventually do try to sell.
You might be thinking, the property isn't 100% there right now, but once I've refurbished it, I'll have nothing to worry about. But this isn't always the case. A chartered surveyor will be able to tell you how much good refurbishing will actually do for your investment. Including how much capital or rental value to expect based on the renovations you have planned.
This can save you a whole lot of time and money if you've been banking on a refurbishment plan that might not be worth it. They can offer professional advice about the scope and suitability of potential extensions to your property, which helps avoid unforeseen delays and expenses.
Getting an accurate survey for an HMO (house of multiple occupation) is often trickier than getting one for a standard property. There's more to consider when it comes to function, prospective tenants and financial potential.
One of the key things a chartered surveyor can assess is the achievable rental income and yield of the property. An experienced surveyor can cover all ground, from the location and structure of the property, to tenant retention potential. This can help inform your decisions about rental price. If the transport links aren't as strong, for example, a surveyor will have the knowledge to tell you so you can price the property accordingly.
A surveyor will also check the HMO property doesn't go against any local planning regulations. This might not be something you have the expertise to judge yourself.
Ultimately, an HMO can be a really worthwhile investment. But only if you have the full picture, which is what a chartered surveyor will be able to give you.
At Boultons Chartered Surveyors, we don't tell you what you want to hear. We tell you everything to make sure you're making the right decision about your investment. A good chartered surveyor needs to be thorough, accurate and honest. And that's what we're here to do.
To find out more about working with us, give us a call today.