The Value of Building Surveys
By Anthony Walker FRICS MIFireE
I am often asked, ‘What is the value of a Building Survey?’ In response, I state that a Building Survey is primarily an investment, not a cost. They empower property managers and owners to make informed decisions, avoid costly surprises, and ultimately maximise the value of the property. The intelligence generated by an accurate and detailed Building Survey allows for informed decisions to be made that can generate savings multiple times the cost of the survey.
Building Surveys enable issues to be identified and addressed in their early stages, preventing minor concerns from escalating into major problems that could compromise the safety and value of the property. The data generated can be converted into intelligence to develop comprehensive and forward-thinking maintenance plans.
What are the key benefits of a Building Survey?
Financial Savings:
- Preventative Maintenance: By identifying minor issues early on, you can address them before they escalate into major repairs. This saves significant money in the long run, avoiding costly emergencies and disruptions.
- Informed Budgeting: Building surveys provide accurate cost estimates for repairs, allowing you to create realistic budgets and plan for future maintenance needs. This eliminates surprises that can throw off your financial projections.
Reduced Risk:
- Legal Protection: A building survey creates a documented record of the property’s condition by a qualified professional. This can protect from potential legal disputes arising from unforeseen issues.
- Mitigated Risks: By proactively addressing potential problems identified in the survey, you minimise the risk of unexpected failure of elements of a building.
Improved Occupier Satisfaction:
- Healthy Environment: Building surveys contribute to the creation of a safe and healthy environment for occupiers by addressing potential problems before they become health hazards.
- Demonstrated Commitment: Proactive maintenance shows occupiers you value their well-being.
Increased Property Value:
- Well-Maintained Buildings: Properties with a documented history of good maintenance through building surveys tend to be more attractive to tenants and potential buyers, ultimately increasing their value.
- Peace of Mind: Knowing your buildings are in good shape through a professional survey provides confidence for property managers and occupiers.
Outputs
On completion of a Building Survey we provide a range of outputs depending on the type of survey and clients requirements:
- Building Survey report, which includes:
- Executive Summary
- Detailed findings and recommendations
- Photographic evidence
- Estimated costs of works recommended
- Excel dataset, which includes:
- Data of findings and recommendations by element and sub-element
- Estimated immediate and future costs
- Microsoft Power BI Dashboard, which includes:
- A visual summary of data
- Easy ability to analyse the data through filters
- Ability to see the ‘bigger picture’ but take a focused ‘deep dive’ on the data.
Why Sircle – Choosing the Right Partner
- Expertise and Assurance: Our team comprises of experienced and qualified staff who specialise in Building Surveys. Sircle work closely with clients throughout each stage of the survey:
- Pre-survey – Following the appointment we would agree the approach to the surveys, timeline and key dates, any constraints or key issues, and outputs
- Survey – carry out the surveys as agreed in the pre survey phase
- Reporting – close off the reports and carry out detailed quality assurance
- Closedown – issue the reports and following this up with a meeting to discuss the recommendations
- Independent approach: We provide a professional independent opinion and make clear recommendations on the work with timelines.
- Comprehensive Assessments and Advice: Our Building Surveys follow a structured step-by-step approach using mobile-based technology to generate data and reports that inform the advice we provide on the next steps
- Peace of Mind: We provide clarity on the actions needed to ensure your building is compliant with legislation. This clarity prioritises lives and property and maximises investment to avoid issues escalating.
- Procurement and Project Management support: Following agreement of the next steps, we can provide support with procurement and tender evaluation and project management to ensure the successful completion of agreed works.
- RICS Registered Firm: Sircle practises to the globally recognised ethical and professional standards of the Royal Institution of Chartered Surveyors (RICS).
Conclusions
In essence, building surveys are an investment that pays off in multiple ways. They provide evidence to make informed decisions, reduce risks, improve the satisfaction of those in the building and ultimately, maximize the investment in property and enable greater procurement efficiencies to be achieved. To unlock the full potential of regular building surveys, it’s essential to partner with a reputable and experienced building surveying company.
Sircle offers a range of Building Surveys to meet a client’s requirements and provide clear and helpful advice. Contact us today for a free consultation and discover how a building survey can transform your property management experience. Click here to find out more, or speak to us.
By Anthony Walker
FRICS MIFireE, Director at Sircle
