Warning on damage risk in very old properties
- 25th January 2012
- Buy-To-Let Property News
Investors urged to weigh up the cost of additional surveys against the risk of finding damage after the purchase.
The Royal Institute of Chartered Surveyors (RICS) is urging private landlords to be vigilant when investing in older properties. To ensure there are no surprises after the purchase is completed, the institute advises that Landlords should pay for an independent survey by a qualified surveyor.
Stephen Ludlow, Chairman of Ludlow Thompson, says: “Despite the warnings about potential problems with older properties from the RICS, we believe that older properties are a good investment as they are very popular with tenants.”
“The lure of a period property in London is very strong for many tenants. For some tenants, the character of an older property, its large rooms and extra storage space mean they would never consider renting anything else.”
It is important that landlords weigh up the costs of additional surveys against the risk of finding damage after the purchase.
Stephen Ludlow continues: “Many landlords are well trained in spotting the signs of any potential problems that could occur and will have the necessary team of experts in place to help them with this. At the professional end of the scale, it is unusual for an investor and their team to fail to spot a structural problem with a property.”
“However, for complete peace of mind, less experienced buy-to-let investors might want to commission a survey to ensure they know of any possible risks.”
The lure of a period property in London is very strong for many tenants.
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