Buying a commercial property represents a considerable investment and one you shouldn’t complete without due diligence. Knowing the condition of the property you would like to buy is vital to your final purchasing decision and could influence how much you are prepared to pay for it and what alterations you might need to make once purchased. This kind of information can be provided through a commercial building survey.
A commercial building survey is carried out by a chartered surveyor who will assess the structure and condition of the property. It tends to be more specific to the client’s requirements than a residential survey. It is also more comprehensive due to the value of commercial property and the fact it may be subject to a commercial lease and therefore important to know what upkeep and repairs the tenant may be responsible for.
When to Get a Commercial Building Survey
In general, it is always advisable to have a building survey if you are purchasing or leasing a commercial property or portfolio of properties. Without the expertise of a commercial surveyor, you won’t know whether the property is worth its value, what future repairs and costs you might need to consider and any legal obligations that owning or leasing the property might present.
If you are considering purchasing a commercial property, the building survey will provide vital information to give you confidence in your investment and ensure you can happily meet legislative requirements such as the health and safety of those who will work in or use the building.
If you are leasing a property, a commercial building survey gives you a record of the state of the property at the time you took over the lease, thus providing a useful point of reference when it comes to dilapidations.
Why You Need a Commercial Building Survey
A commercial property survey goes beyond a simple valuation to provide comprehensive and meaningful information about the current structure and condition of a property as well as the implications of any future improvements, repairs or alterations you may need or want to carry out.
The report will point out any defects or issues, highlight the presence of hazardous materials such as asbestos and report on the construction materials used – which can be very useful when it comes to making future repairs and improvements.
The survey can also suggest any remedial works that may need to be carried out and which may affect the price that you are willing to pay for the property. This can be used to support a claim for a price adjustment.
A commercial property surveyor will assess various aspects of the building to compile their report, including:
- Structural components – frame, roof, walls, and floors.
- Fixtures and fittings – doors, windows, kitchens and bathrooms.
- Services – electrical installations, plumbing and drainage.
- Materials uses – both in construction and highlighting the presence of any hazardous materials such as asbestos.
Is a Commercial Building Survey The Same As a Commercial Building Condition Survey?
A commercial building survey is not to be confused with a commercial building condition survey, which is also carried out by a chartered surveyor. A condition survey is usually requested by the existing property owner to understand its current condition and what work needs to take place to put it back into a good state of repair. This type of survey will identify any building defects so a plan can be drawn up to specify corrective repairs or maintenance.
Whether you are planning to buy or lease a commercial property or already own a building, having the findings of these specialist reports at your fingertips will enable you to make informed decisions and plan your budgets for maintenance and repairs.
JTM Building Consultancy are chartered surveyors specialising in commercial building surveys. Follow the link to find out more information or for further tips and insights into building surveys.