The art of knowing how to properly examine property is a skill that many investors and real estate developers would give their right arm to learn. As a property professional, one of the boring expenses that you must constantly pay is that of the property survey.
Would not it be great to reduce the amount of thorough investigations that you need to pay for each year? This article will give details on how to make a statement of the property yourself. It will give you a checklist of vital things to watch out for when monitoring the property. At the end of this, you will have enough knowledge to make informed decisions about the state of a given property.
The first thing to do is to make sure that you are prepared. Below is a list of some items you might want to take with you when you go to see a potential investment property.
- Cameras / Video cameras
- Voice memo
- All the details of the property you already have from the real estate agent, internet, seller or by other means
A useful (but not always practical) advice is to try to investigate in wet conditions. This way, you can detect problems with downspouts, leaky roofs, defective gutters or other rain or rain related problems.
You do not necessarily have to perform the survey in the order specified here. However, it might be wise to start off by first taking a walk around the property and trying to have a general feel for it and location.
Check the status of any dependency associated with the property. This includes hangars, garages, field offices, barns, stables, toilets or anything else.
Check the status of any changes made to the property. Check extensions, loft conversions, conversions in the basement (be especially aware of any moisture problems in basement conversions because, if they were not built correctly, These conversions are notorious for wet problems).
It is crucial that you check any relevant formality and make sure that things are done according to the building rules and that the planning permission has been obtained if necessary. It is also a good idea to see all the current warranties or guarantees from the supplier.
Other things to check
If you are trying to be meticulous in your property investigation, you will probably want to check out the seven things about List below.
- What is the state of the fixtures and fittings in the property?
- Is there a central heating? What is the age of the boiler? Are there records available to show service history?
- Is there a shared water supply and a water meter is equipped.
- Check that there is adequate ventilation in the property, especially in areas such as kitchen and bathroom.
- Does the power supply have some kind of trigger mechanism? How old is he? Does it seem that it will be necessary to replace it or repair it in the near future?
- Try to take a look behind any furniture or apparatus that seems irrelevant. They may have been put there to hide a problem that hides behind them.
- You should flush the toilet and run the water to check that the water runs out and check that there are no strange noises, for example, A strong hit when the water flows.
Finally, do not forget to check the land register to know the real price that the comparable properties of the region have recently sold. There are many free websites on the internet from which you can get this information.
All the items listed above can be verified and verified by you just as well as they can be by a geometer who enters a property and walks for 25 minutes. Learning to study the property yourself is not necessarily something you need a degree to be able to do. However, if you have a genius with whom you work regularly, or it is a friend, I advise you to try to drive it towards your property visits, especially the first, You get more confidence.
The fact is that most surveyors are not very stretched in their daily jobs and the skills they use to study the average properties of the plant, Affect only a fraction of what they spent the years studying.
This article was not written to put the inspector of humble properties out of his business.
Surveyors are essential gears in the property purchase wheel and even if you do not use them, lenders will always do so. When you need it, land surveyors can be an invaluable life-saver. If you are dealing with a property that is not a standard construction, this is not your average property, or you may be experiencing problems, then you need to organize a full survey by a professional.
The reason the article was written was to try to educate the average property investor and the developer so that they could judge it. 39 state of a property themselves before have to call the surveyor. In this way, if the seller is not willing to go down in price, they can eliminate a number of properties they are looking for, before spending money on a real estate surveyor.