Whether you are buying an industrial unit or simply planning to lease an office space, it can be prudent to have a commercial premises survey. Just as you wouldn’t commit to a residential property purchase without fully understanding the current condition of the building, you should never do it with a workspace. Here are six very good reasons why you need to invest in the services of a commercial premises surveyor.
You don’t have the expertise to do it yourself
Some business owners believe that it is enough to simply utilise their own knowledge of buildings and construction as they look around a potential premises. But even if you have building experience it’s worth noting that commercial premises are constructed from different materials from most properties. In short: you don’t know what you’re looking for. If you are going to make an informed decision then you are going to need professional help.
Expert property surveyors know what they’re looking for and have many years of experience in understanding the common faults and issues with premises. And remember that it’s always best to use a chartered surveyor with specific experience in the location of the property. They can provide you with a detailed analysis of the condition of the premises so that you can have complete peace of mind with what you are buying or leasing.
It will save you money
It’s common to find that surveys are not conducted because the buyer considers the expense to be too much. But this is an unwise way of thinking – in many cases it is true that you can’t afford not to have a survey. Of course if everything comes up fine, then the survey was unnecessary. But in countless cases surveys do uncover specific problems that the building either currently suffers from or has the potential to develop.
If you don’t have the survey you can be left to have to foot the bill for expensive repairs later down the line, or you can be saddled with premises that are not fit for purpose simply because you didn’t have the survey. Equally, a survey can give you the chance to renegotiate the price or pull out of the deal completely if it is likely to become unmanageable.
To plan for future repairs and restoration
It’s not always the case that you have a survey with the mind to pulling out of the deal if problems are uncovered. Sometimes you may be aware of potential issues but you need to get professional insight into exactly the extent of the problem so that you can plan for repairs and restoration works. In this example it is always best to explain to your surveyor that you are aware of an issue and are planning for how to deal with the problems.
A commercial premises surveyor will be able to explain to you in detail how soon specific repairs are going to be likely needed. You can then use this information to plan out a schedule and prepare financially for the cost of having these problems dealt with. This can help balance issues such as cash flow and minimise unexpected payments that might otherwise hinder your business.
Health and safety
You need to provide a working environment that conforms to health and safety legislation – but more importantly, one that is safe for you and others to work within. A commercial premises survey will be able to tell you whether the property you are buying or leasing is suitable. This could include anything from identifying potential asbestos-containing materials to ensuring that fire precautions and escapes are up to the correct standard.
This will not only ensure you are working in an environment that is safe but it will also help make sure that you are not liable for personal injury claims if someone is hurt at the property.
If you are about to sign a lease for a commercial property it may be possible to limit the extent of your liabilities simply by having a commercial surveyor deal with dilapidations. When you have a dilapidations assessment, your surveyor will assess your liability and survey to check the current condition of the property.
As you will be expected to leave the property in the same state it was in when the lease began, it’s important to know exactly what you should be expected to do. You can also have a dilapidations survey at the end of your tenancy so that you understand what you need to do to return the property to its original state.
Valuation for your company accounts
It’s important that you understand the value of your property for the sake of your business accounts, as the premises count as an asset of the business and are required to have a current market value. Knowing the condition of the property allows you to also know the genuine market value.