Valuation warning in buy-to-let boom
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.”