Why full surveying including a measured building survey and assessing market potential is a key element of successful property development or refurbishing.
Covering all bases to ensure good returns on a property investment
Far from being an easy way to turn a profit, property development isn’t as straightforward as some television property programmes might make it appear. The process of ‘doing up’ a property and then selling or letting it requires careful planning and execution.
Comprehensive research into a property’s potential in the marketplace is essential to ensure a decent return on investment, and full preparation in terms of surveys and planning before redevelopment or refurbishment work starts is vital.
Assessing your property
Along with a basic assessment of how you’ll develop the property whether a simple refurbishment, major renovation or a full scale adaptation – for example turning a larger house into flats – it’s important to have it surveyed properly.
As a minimum you’d organise a structural survey before committing fully to purchase so as to highlight any structural defects such as subsidence.
Your property blueprint
While you’ll know the general specification of your purchased property, there’s no substitute for having a measured building survey carried out. These provide a full blueprint of your property covering everything from showing where load bearing beams are to the exact location of power points, coving, steps and even handrails.
Arming yourself with a measured building survey gives increased accuracy to the planning of refurbishments or redevelopments and can help indicate where improvements should be made.
Assuming yours is a commercially-driven property development in that you’ll look to derive an income through letting or selling the property once redevelopment or refurbishment is complete, it’s important to accurately assess whether there’s market potential.
For example, there might not be much point redeveloping a larger property by turning it into student-type accommodation if there are no colleges or universities nearby, or there are but the student property market is saturated.
In all aspects of property development, assessing and planning is key.