Investing in a building is an important decision, and there’s a lot of factors to take into account to ensure your purchase is going to be a safe, profitable investment.
Pre-acquisition surveys can determine the state of a building and help you make an informed decision before completing a purchase.
From ascertaining the suitability of a property for particular uses to helping you identify whether your building would be feasible for certain construction projects, conducting a thorough pre-acquisition survey can mean finding potential liabilities early on to help you avoid extra costs in the future.
What is a pre-acquisition survey and do I need one?
Anyone who is planning on acquiring a building, either by purchase or lease, can benefit from a pre-acquisition survey. Whether your investment is personal or commercial, it is a great place to start.
By providing an in-depth analysis of a building’s condition, a pre-acquisition survey can establish whether further maintenance is or will be required, regardless of whether yours is a short or long-term investment.
These surveys can therefore be crucial for any buyer by providing key facts to help them decide whether to go ahead with their investment or negotiate a different deal.
Ultimately, a pre-acquisition survey can efficiently protect buyers and prevent future complications, also making them aware of any other tests or inspections that should be carried out.
Sellers can similarly profit from a pre-acquisition survey, as having comprehensive knowledge of the state of their property can give them an advantage when negotiating with buyers.
By enlisting the help of professional building surveyors, you can ensure that your pre-acquisition survey is suited to your needs and provides you with exactly what you need.
Benefits of a pre-acquisition survey
A pre-acquisition survey can give you a general overview of buildings and can be as thorough as you want it to be, giving you a full report of the internal and external conditions of any property or a specialist report on any particular features you may be concerned about.
Having access to information about the property you want to purchase is key in any negotiation and can help you make an informed, cost-effective decision.
Depending on how serious certain issues are, a pre-acquisition survey can also be a guide in creating a plan to efficiently target problems and plan solutions.
For instance, if you are selling a property, a pre-acquisition survey might help you identify key maintenance areas or issues that need to be resolved and put you in a position to sell in a risk-free way.
Buyers, on the other hand, can receive useful advice on legal compliance issues, lowering the significant financial risk associated with purchasing one or multiple properties.
Here are some of the things a pre-acquisition survey can help you with:
- Detecting of damp
- Determining the condition of the roof and the walls
- Establishing the state of fences, outbuildings and grounds
- Conducting EPC checks
- Detecting asbestos and other harmful materials
- Finding potential environmental hazards
- Addressing potential security concerns
- Identifying DDA issues
- Advising on maintenance, modernisation, restoration
- Finding structural defects
No matter the investment, a pre-acquisition survey should be considered as an essential part of any property transaction.
Upcoming changes to MEES regulations and the impact on the property market
Whether you are an investor or you are making your first property purchase, it is always worth keeping up to date with potential upcoming changes affecting the property market, as this could, in turn, affect you.
The variations to the MEES regulations due in April 2023 will make it impossible for landlords to rent properties whose EPC ratings are sub-standard (F or G).
As EPC assessments are often conducted as part of pre-acquisition surveys, they can advise on potential EPC improvements needed for your property.
If you are a landlord or a buyer interested in buy-to-let opportunities, conducting a pre-acquisition survey can therefore help ensure that you are renting a property in a lawful way and give you some peace of mind.
Why use a building consultant for a pre-acquisition survey
The information collected in a pre-acquisition survey is invaluable. It can be used to liaise with landlords and sellers, and will serve as a vital resource should issues occur at the end of a tenancy or when a buyer decides to re-sell.
Using chartered surveyors means reliability and efficiency throughout the whole process, and trusted results that can be used effectively.
As independent professional building surveyors, Arc can deliver first-class pre-acquisition surveys for building owners, landlords and buyers.
With a wealth of knowledge and experience and cost-effective services, Arc regularly provides customers with comprehensive pre-acquisition surveys with as much detail as is required to ensure effortless transactions.
If you would like more information on pre-acquisition services, get in touch with us today.