If you currently rent your business premises, the next logical step is to buy a property but this is a big investment that requires lots of planning and budgeting too.
Most businesses are keen to keep costs as low as possible, but there are times when spending just a little bit more could actually end up saving you money in the long term.
There’s no legal requirement for a buyer to obtain a full property survey before making a purchase but if you decide to skip this step, you could find yourself facing expensive repair bills at a later stage. Here’s a closer look at just how a property surveyor could help to save your business money in the longer term.
This is what will form the core part of any survey report and will cover any building defects identified by the surveyor.
All of the materials and the construction will be examined as part of the survey and the approximate cost of fixing it will be advised. The surveyor will also provide information about the likely consequences of leaving the defect unrepaired; in some cases the result could be fairly trivial but other seemingly minor defects could lead to serious wide-ranging problems if left.
Don’t forget that if you are buying a property for commercial purposes there’s far more requirements compared to a domestic purchase, and matters such as electrical or fire alarm systems have to be ship-shape and without fault.
Specific commercial concerns
If you are purchasing a property specifically for the purpose of your commercial venture, you’ll need to know if it is suitable for how you want it to be used.
A property surveyor can provide their assessment of the suitability of the purchase compared to the planned use. Some of the factors they might advise on include whether the fire escapes and exit routes limit the number of employees, whether the floors are strong enough for the intended storage and whether existing IT equipment will be compatible with the cooling systems which may need to be installed.
Other factors which could impact on whether the building is fit for purpose include the likely maintenance and energy efficiency when it’s used for a business.
As a business you will have to show that you are complying with any relevant legislation, and failure to do so might not just mean a hefty fine, you could face your business being shut down too. It’s therefore imperative to make sure that the property isn’t breaching any of the rules.
Your surveyor can carry out the necessary checks and advise accordingly on matter such as electrical systems, fire alarms, asbestos, fire exits, ventilation, toiling facilities and any other statutory duties you may face.
Businesses can benefit from a property survey
Other aspects which will be incorporated include whether the building meets all the building and planning regulations. Don’t assume that just because the property is a new build that it will automatically meet the requirements. If you don’t have the necessary documentation as proof you could find yourself unable to sublet the premises.
It’s also helpful to know whether the building lies within a protected conservation area; if it does, the changes that you make to the property in the future could be greatly restricted. This also will be included in the report.
If you’re based in the capital and need property surveyors east London has some of the top firms. Don’t be tempted to skip the expense because the advice you receive from a property surveyor could save your business serious money in the long term.
Image Credits: Protect Your Boundaries and Howard Curtis