Review on Purchasing a residential property using a square metre rate and How we can help You
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A square metre rate
Our client had analysed the market in the area with regard to prices in some detail and was particularly interested in the square metre rate. This is something that we rarely come across in the residential market unless it is a chartered surveyor buying the property and yes we do carry out surveys for surveyors. However with floor plans being very commonly included as part of the house property details in some areas of the country it has become easier and easier to analyse a property on a square metre rate.
Compare the square metre rate of your existing property with the square metre rate of the proposed property
We would recommend that you work out the square metre rate of your existing property and in each of the rooms; it doesn't take five minutes to measure them. To make it easier there are even various laser measuring devices such as Leica Distos, Makita, Bosch and Stabila and all other good makes.
Once you understand the dimensions of your own property you can then decide whether a bedroom or a lounge is small in comparison with your own property or in comparison with your views on what is large or small with regards to lounges and bedrooms and kitchens and bathrooms, etc. It was also interesting with this particular client that they were well aware that this square metre size building should have a utility room and en-suites which is why they were looking to add these additional rooms.
A square metre rate on commercial properties
For many years it has been normal practice within surveying to use square foot and/or square metre prices in relation to commercial valuations therefore we are very familiar with the use of square foot and square metre rates when comparing commercial properties which is a good system where there are few comparables.
Other factors affecting value
As a basic way of looking at different properties a square metre rate can work very well but the danger of analysing house prices by square metre rate alone is that it does not allow for other factors which in this case was major maintenance costs on the property at high level which would mean that scaffolding was required which in itself can be very expensive.
Scaffolding
Kerb appeal and buying a lifestyle
There are also other important factors such as kerb appeal which is the look of a building. This can add considerably to the value of it and of course the internal fixtures and fittings.
We recently dealt with one property where the purchaser was really buying it on the internal fixtures and fittings and when we went through the property report which highlighted problems with the property they decided not to buy it.
Location, Location, Location
Of course the location of a property can be key to its value in particular its proximity to good schools, shops, good view, etc. Even streets can have a good end and a not so good end which affects the value
Other surveying articles that may be of interest to you:
We have written many surveying articles which may be of interest to you:
Does per square metre and per square foor work when comparing houses
Are surveys better than valuations?
What is my home worth?
Can you trust a surveyors valuation?
Do surveyors really value the property or just rubber stamp the lending process?
Why doesn't square foot or square metres work in houses and homes every time?
It is not strictly true that it doesn't work every time but it needs to be used with an understanding of other factors, a few of which we have mentioned above, and not looking purely at square footage or square metre rates.
Meet the building surveyor at the property
We would always recommend if you have the time and can get to the property whilst the survey is being carried out that you meet your independent surveyor who will be more than happy to talk to you about any concerns and possible problems that you think the property may have. We will, of course, be happy to speak to you about the survey report once it has been completed.
Why have an independent building survey?
Always have an independent building survey as this will highlight any property problems. Caveat emptor means buyer beware and is why you need to have a building survey to find out if there are any problems within the property; the estate agent certainly will not advise you of any. We would reiterate that we highly recommend you always make sure when you have a survey if at all possible you should meet your Surveyor at the property.
Remember the building Surveyor that you employ will be the only person working for you with your interests at heart.
Compare our website and compare our surveys
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We can email you examples of our building surveys
If you are thinking of buying a property and are interested in having a Structural Survey carried out or if you are trying to sell a property and would like a Pre-Sales Survey please call us on free phone us for a friendly chat on 0800 298 5424. We would be happy to email you several examples of our tailor made reports.
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