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Technical Due Diligence Survey
A RICS Technical Due Diligence Survey is a comprehensive assessment of a commercial property, designed to provide investors and lenders with a clear understanding of the condition of the property and any potential risks associated with it. This type of survey is particularly useful for those looking to purchase or invest in a commercial property, as it includes a detailed examination of the property’s condition and operations, as well as recommendations for any necessary repairs or improvements. It’s different to a home buyer survey as we mainly look to target commercial buildings.
Benefits of a RICS Technical Due Diligence Survey
Detailed assessment of the property’s condition and operations
One of the main benefits of a RICS Technical Due Diligence Survey is that it provides a detailed assessment of the property’s condition and operations. This includes an examination of the property’s structure and fabric, as well as its services and fittings. The survey also includes a detailed examination of the property’s operations and systems, such as heating, ventilation, and electrical systems.
Identification of potential risks
Another key benefit of a RICS Due Diligence Survey is that it helps to identify any potential risks associated with the property. This can include things like building defects, compliance issues, or environmental hazards. By identifying these risks, the survey can help investors and lenders to make informed decisions about whether to proceed with a purchase or investment.
Recommendations for repairs and improvements
Finally, a RICS Technical Due Diligence Survey includes recommendations for any necessary repairs or improvements. This can be particularly useful for investors and lenders, as it can help them to identify any potential issues that may need to be addressed before they commit to purchasing or investing in the property.
Pitfalls of a Survey
Limited scope
While this survey will provide a detailed assessment of a commercial property, it is important to note that it is not a full structural survey. As such, it may not include an assessment of certain areas of the property, such as the roof space or drainage.
May not include an assessment of the property’s value
Another pitfall of a RICS Technical Due Diligence Survey is that it may not include an assessment of the property’s value. If you are looking to purchase or invest in a commercial property and need an assessment of its value, you will need to commission a separate valuation report.
Limited to the current use of the property
Finally, it’s important to note that this survey is limited to the current use of the property. If you are considering a change of use of the property or have any plans to make significant alterations it may not be the best survey option.
In conclusion, a RICS Technical Due Diligence Survey is a comprehensive assessment of a commercial property, designed to provide investors and lenders with a clear understanding of the condition of the property and any potential risks associated with it. It includes a detailed examination of the property’s condition, operations, and systems, as well as recommendations for any necessary repairs or improvements. However, it is important to be aware that the survey may not include an assessment of certain areas of the property, may not include an assessment of the property’s value, and may not be suitable for properties that are intended for a different use or have significant alterations planned.
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