Survey for BTL cash purchase

ThemeOne

I will probably be buying a buy-to-let property for cash, so obviously the normal "home buyer" type survey done by a lender will not be carried out.

I'd be interested to hear other BTL investors' views on property surveys - essential in all cases, or sometimes a waste of time and money?

The property in question is in a newly refurbished apartment block, and on the face of things looks fine.

buglawton

Ask to see copies of the building inspection documents that would have been needed by the refurb developer as part of fulfilling his planning permission. These inspections can be quite exacting.

davidmcn

buglawton wrote: »

Ask to see copies of the building inspection documents that would have been needed by the refurb developer as part of fulfilling his planning permission. These inspections can be quite exacting.

It depends what "refurbishment" means, but I wouldn't expect it to have required planning permission. Certainly the OP shouldn't just accept a statement by the sellers that the work has been completed properly, if it turns out e.g. that the roof needs fixed again next year.

buglawton

A "newly refurbished apartment block" screams "LA planning involvement" to me (just like a refurb I helped someone buy some years ago). But it's an easy thing to check, go online and look for the planning application, if one exists there'll be a raft of inspection reports. Or ask the developer.

ThemeOne

Funny you should mention the roof - the building appears to have a flat roof, and it's a top floor flat, so that's the one thing I really would like some assurance about.

I will ask if planning permission was needed for the refurbishment, but if not what's the best way of proceeding?

eddddy

ThemeOne wrote: »

The property in question is in a newly refurbished apartment block, and on the face of things looks fine.

I guess a lot depends on who the developer is, and the circumstances of the refurb.

At the worst end of the spectrum, on the face of things, new plasterboard and new flooring can look fine, even when it's nailed to joists with dry rot.

Is it a small-time developer who bought a wreck at auction and did a bit of bish bosh? Or a large reputable firm? Or something else?

davidmcn

ThemeOne wrote: »

Funny you should mention the roof - the building appears to have a flat roof, and it's a top floor flat, so that's the one thing I really would like some assurance about.

I will ask if planning permission was needed for the refurbishment, but if not what's the best way of proceeding?

Well, what are they claiming to have refurbished? How old is the block?

booksurr

if you wish to become a buy to let landlord and you do not know enough about buildings to be able to undertake your own survey to at least the same (superficial) level as would be done in a "home buyer's" survey then you have no place becoming a landlord as you know nothing about your major asset that underpins your business

Miss_Samantha

ThemeOne wrote: »

so obviously the normal "home buyer" type survey done by a lender will not be carried out.

Lenders do not carry out such surveys... Just a quick survey that it is a worthy security.

I would be extremely careful with "newly refurbished" properties because they are refurbished for the purpose of selling them: I.e. there is zero incentive to spend on quality.

You need to assess the quality of the refurbishment, and that is not normally part of a standard survey.

Cakeguts

Refurbishments are cosmetic. You have to accept as a landlord that anything can get broken or destroyed by a tenant this is a risk of letting property. So if you are doing a refurbishment to a rental property you need to do it in such a way that it is either mostly tenant proof or it can be changed quickly. What you don't want to do is to pay a lot extra for a property that someone else has refurbished to a standard that suits selling a property by making it look nice.

Before you even get to the survey stage you need to find out how much a similar property would cost without the refurbishment. If the refurbishment has raised the price of this property by a margin that would equal what you would pay to do the refurbishment yourself then it would be better for you to do that rather than buy something that someone else has done because then you could do a tenant proof refurbishment.

What you have there already might only last 6 months and then you have a devalued property?

ThemeOne

booksurr wrote: »

if you wish to become a buy to let landlord and you do not know enough about buildings to be able to undertake your own survey to at least the same (superficial) level as would be done in a "home buyer's" survey then you have no place becoming a landlord as you know nothing about your major asset that underpins your business

I'm sure your advice is meant kindly, but I was really after more practical comments such as others have posted.

Having now viewed the property I've decided not to go ahead with it, as the building raised too many question marks with me, and I'm sure more straightforward properties will be available.