Before May ended, CNBC reported a 9% increase in house supply. It would be an excellent time to do so if you want to tap into the real estate business and make an apartment complex. The increase in supply would mean that you would have more options. Thus, you can find the cheapest.
Sellers do not have a choice but to lower the price of their properties. If you are planning to purchase a new home, this is the best time. By the end of the month, the option to make a deal might be even better.
You must also undertake commercial surveys if you purchase the property for investment purposes. It might be tempting to go for residential surveys since the units are for residential purposes, but you should not do so. This article will tell you why.
An Overview
Is there a genuine need to engage in commercial surveys? The answer is yes if you plan to invest in the property. It is essential because you need to assess its condition and state of repair, so you would know how much you will spend on its renovation and maintenance. These surveys are required if the property is used for commercial purposes.
Commercial surveys are conducted for businesses and buildings to ensure everything is in place and compliant with the laws. A surveyor is needed to ensure that the building is safe and has no violation of codes and standards. He will thoroughly inspect the building to ensure the facility complies with the regulations and standards.
Kindly note that non-compliance can lead to a fine, which would likely be slapped on the landlord, the property owner. While minor violations are not a cause for concern, you need to address significant violations as they would cause great damage to the property. You can avoid this by conducting commercial surveys to ensure everything is in order.
You can take advantage of the fact that property owners must comply with the codes and standards. You can negotiate with the seller and request them to pay all the fees for compliance. The owner will happily oblige because he wants to sell the property for the most profitable price.
The Advantages
A professional surveyor conducts commercial surveys. Please note that these surveys are more thorough than the residential surveys. You must inspect a commercial property carefully to ensure everything is in order.
You can take advantage of the surveys to determine the property’s overall condition. These surveys will highlight issues on the property, which you can recommend to the owner to address. As an owner, you can use the information to encourage the sellers to fix the problems and lower the property price.
The information from the surveys will help you to negotiate with the seller. You will be aware of the problems that need to be fixed and the price you can offer to pay for the property.
Conclusion
The most important thing when buying real estate is to choose the best property. The commercial surveys will help you to know whether the building will be profitable. You can take advantage of the information to make the best decision.
Before you invest in any property, you should ask Will’s Service Group to do the survey. We have carried out numerous commercial surveys, which helped our clients make informed decisions. So, contact us now for more details!
