Before closing in on a property, experts would always advise investors and buyers to consult and hire a chartered surveyor to assess and look into things. There’s valid and logical reason to that and we’d like to explain further but it will take us a whole day to finish. Instead, we’re giving you a list of things to ask these professionals when you go about buying a UK investment properties for sale.
- Market Value – You’ll want to compare the asset’s current market value against its selling price. They’re not one and the same and variances may occur. More importantly, a surveyor can validate the numbers. If you’re a smart investor, you’ll take everything sellers and brokers say with a grain of salt.
- Useful Life – How long will the property last from today? This is an important detail for you to know as this will showcase whether or not the asset shall serve a purpose for as long as you’d need it for.
- Condition – Is the structure and foundation still strong? Will it take, say, an earthquake? What are the renovations to be done if any? Are there any necessary upgrades in terms of the building, fixtures, plumbing, roofing, wiring and the like?
- Ongoing Costs – Have a clear estimate of the repairs and maintenance costs that you are likely to face should you pursue the property. Some assets pay appear affordable upfront but have staggering ongoing expenses that will leave you in the dumps in the long run.
- Depreciation – All properties depreciate and these are expressed in terms of expenses deducted on the asset’s value. You’ll want to know the rate at which it goes so you can determine if the investment is good for your equity.
- Appreciation – In the same manner, there are chances that a particular UK investment property grows in value. This is of course given several factors like upgrades, renovations, the economy, nearby establishments, location and more. It’s great to know should you want to lease out or resell the asset now or sometime in the future.
- Safety – Is the asset itself safe? How about the neighborhood and its location? You can have your surveyor look up on safety issues and details as well. Besides, why won’t you?
Remember to ask regarding these things from your chartered surveyor before getting a UK property investment!