By having someone experienced coordinate and project manage your extension or loft conversion, you have less risk than doing it yourself. Most people think they know what “project management” is until they realize the importance of using industry-standard contracts and adhering to those terms, even for smaller jobs.
Before coming to us, people ran into regulatory and cost problems they did not foresee. We can help plan and help you understand the building work involved by putting you in touch with an expert (representing a Chartered Building Consultancy).
Dedicated project managers have years of experience and have seen many variants of what could go wrong. They know how the work needs to be done to avoid this happening. Like it or not, it is not the same level or type of experience that any homeowner or developer would have. An experienced project management surveyor specializes in projects. It is their trade.
Investing in a property is a person’s most significant financial investment, we do not recommend going it alone and risk things going wrong with your biggest asset. Getting it right the first time will protect you in the long term from unnecessary costs arising in the future.
What Does a Project Manager Do?
Firstly, a project manager will look through the plans to determine whether something is within their work scope. They would then visit the property to check the property’s current condition against the plans of what is to be done. Price and terms will then be agreed upon, and a contract will be signed between the owner of the build and the project management company.
However, the priceless service is in the consultancy work. Sitting down with them and reviewing the project face-to-face enables covering every possible aspect of the project that needs to be covered. New ideas arise from just a single meeting. Often, we find that the project manager’s clients make their money back on their fees many times over from the saved time and monetary costs derived from their expertise.
Clients decide based on the property’s current issues and future issues that may need rectifying in the short and long term, which project managers advise on. Knowing what to expect financially is crucial in determining whether a property is worth purchasing. If the finances are not planned for the property, this could result in a negative purchase; this may be why a good 5% of our new clientele are buyers who did not have a good building survey (if any) done on the house purchased. As a result, the purchaser needs to undertake a project.
Sometimes the project has gone wrong, and the new clients want the surveyor to survey their property to assess the damage the builders have done. They are looking to determine what may need to be completed to repair it (as well as potential costs) based on their insurance or solicitors’ instructions.
Unfortunately, the percentage of ‘builds that have gone wrong’ is immense. The building costs in London and Surrey can also be high. So, the risk factors involved are significant.
However, you can minimize risks by having a project manager coordinate the works for you. Prince Surveyors can organise project management for you to make your experience less risky and more manageable.
Peace of Mind
Like any investment, real estate does carry a certain amount of risk. It is much more favourable than other, less tangible forms of investment, but risky, nonetheless. As long as you make calculated steps, building a portfolio will turn out to be a slow but sure progress. It is a great responsibility to own property that holds many rewards, behind all the hard work and dedication. By adhering to these guidelines, you can be sure to make your first step into the great industry of property investment.
Once a consensus is reached, your project management surveyor would then deal with the builders, their contracts, and any other relevant party to the build. You can sit back and watch the project progress and liaise with them as a single contact point; this means less headache. Imagine not having to worry about whether builders will turn up to the job or not, carry out the work to an industry-standard, argue overpay, etc.
The project manager would check all the builder’s paperwork, including insurances, before their appointment. It’s essential to ensure the contractor is a reputable one, and their past work has been done to a satisfactory standard. Half the job is in selecting the right contractor.
Contact us today and one of our friendly team members will be on hand to talk you through how we could help set you up with a project manager to manage your build and arrange a site visit in the first instance.