You might be wondering why someone would need to hire a rural property surveyor, and what it is they do exactly.
Most people have heard of a property surveyor or a chartered surveyor, and many have used these services when buying a home, but things can work a bit differently for some rural properties.
This is where a rural property surveyor’s specialist knowledge comes in. A surveyor’s role is often varied, but even so, can be broken down into many specialisms. With these specialisms comes a greater depth of knowledge and expertise about their chosen branch of the profession.
If you are considering buying a rural property such as a farm, there are more things to consider than simply buying an urban home. You might also need to use their services once the farm is up and running.
What Does a Rural Property Surveyor Do?
While a chartered property surveyor’s main role is to inspect a house before you buy it, a rural property surveyor’s job is a little more complex. You may enlist them to check a farm before you buy it, but then decided to continue with them to make use of the other services they provide.
According to the team at Joshua Robert “a rural surveyor works with people who own rural commercial properties such as farms or estates” and their job entails some of the duties listed below:
It’s important to ensure everything to do with your rural property is valued correctly. This includes any properties on the land, agricultural machinery, livestock, and crops. The main reasons to get these items valued are usually when the farm or estate is being sold, or for accurate representation on insurance documents and accounts.
If assets have depreciated (or appreciated) this also needs recording on the business accounts and can affect how much tax is paid.
Assistance with Day-to-day Running of a Farm or Estate
The main purpose of a rural property surveyor is to ensure rural land owners such as those who own farms or estates are getting the most out of running them. This means taking a look at the financial side of things and ensuring everything is operating to the best of its abilities in order to bring the most profit for the owner.
Rural surveyors provide advice to their clients about financial aspects of running their property. This will include information on land utilisation, legal requirements, tax, and anything else they’ve noted during their inspections. They also deal with some negotiations around sales and land access.
Financial Forecasts and Advice
Good financial forecasts are essential for running a successful business. Rural commercial property owners can benefit from using the financial forecasts that have been worked out by a rural surveyor. This allows them to plan for the future and make any changes to help offset any likely dips in income.
A rural surveyor can also assist with financial advice. This includes things like applying for grants, advising diversification of income sources, cost monitoring and the sale of equipment, land, or stock.
Their role will include looking after the accounts in a general sense. They will monitor income as well as keep a close eye on expenditure.