If you’re considering buying, selling or leasing a commercial property, then you’ll need to involve a commercial surveyor at some point. Much like when you purchase a home, a property surveyor assesses your home, a commercial surveyor does the same, but instead of residential property, they specialise in commercial property.
In this article, we take a closer look at the role of a commercial surveyor, including what they do and why you need to use one if you’re buying a commercial property.
What does a commercial surveyor do?
The role of a commercial surveyor can be varied, depending on the type of work and who they’re acting for. Some of their key responsibilities include:
- Valuations: Commercial surveyors can conduct valuations of commercial properties for the purposes of buying, selling, leasing, or financing. These accurate market valuations can be used to inform investment decisions, secure a mortgage or loan, or assist with legal and tax planning.
- Building surveys: Just like a property surveyor, a commercial surveyor can assess a building’s condition before a company decides to buy or lease the commercial property. A commercial surveyor can identify issues such as structural defects, dampness, subsidence, roof issues, fire safety concerns, and accessibility problems, as well as any potential costly repair or maintenance needs.
- Advising on leases: A commercial surveyor can act on behalf of either landlords or tenants when managing or negotiating commercial lease terms. A commercial surveyor may be engaged when carrying out rent reviews, lease renewals, break clauses or dilapidations. They’ll act to protect their clients’ financial and legal interests.
- Planning and development: Developers or investors may ask a commercial surveyor to work on their regeneration or new-build projects. During the planning and development stages, commercial surveyors can advise on site appraisals and feasibility, planning applications and regulations, land acquisition and disposal and development funding.
Who do commercial surveyors act for?
A commercial surveyor can work with a wide range of clients and is often employed to act on their behalf, helping them protect their financial and legal interests. The types of clients that commercial surveyors may act for include:
- Business owners looking to buy or lease properties
- Landlords managing a portfolio of commercial properties
- Investors
- Developers planning new commercial schemes
- Public sector bodies
- Banks or lenders that need secure valuations for a mortgage or a loan agreement.
Why should you use a commercial surveyor?
Buying or leasing a commercial property is a significant financial investment, and if you do not conduct thorough due diligence before committing, it could lead to substantial costs in the long run. Using a commercial surveyor can help you:
- Avoid overpaying for the property or lease
- Identify hidden repair and maintenance costs
- Secure a fair deal on the purchase or the lease
- Understand any planning or development restrictions
- Ensure your purchase or lease is compliant with regulations.
Are you looking for a commercial surveyor?
With a wealth of commercial surveying experience at KEYS Consulting, we are here to help make your commercial property buying or leasing experience as seamless and cost-effective as possible.
So if you’re looking for a commercial surveyor to help you make more informed decisions about leasing or purchasing a commercial property, contact our team of experienced industry professionals today.