Val­u­a­tion warn­ing in buy-to-let boom

Yorkshire Post - Property - - FRONT PAGE -

THE con­tin­u­ing buy-to-let boom, cou­pled with the short­age of houses for sale, means land­lords have lit­tle choice but to buy prop­er­ties which need work, says the Royal In­sti­tu­tion of Char­tered Sur­vey­ors.

The RICS warns that these could turn into a li­a­bil­ity, if they sim­ply rely on a mort­gage lender’s val­u­a­tion re­port.

Chair­man of the York­shire board of RICS, Rob Hin­dle of WHP Con­sul­tants. says: “A fuller sur­vey is a worth­while in­vest­ment. Typ­i­cal build­ing or struc­tural faults in­clude dry rot, blocked drains, ris­ing damp and frac­tured sup­port beams – all of which can lead to land­lords be­ing with­out a ten­ant for sev­eral months while re­pairs are be­ing car­ried out.”

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