How much does a Technical Due Diligence Survey Cost?
The cost of a technical due diligence survey (TDD Survey) depends on the size and complexity of a commercial building, most commercial building surveyors would typically charge in the region of £2,000-12,000 excluding other consultant costs.
As with all potential instructions it is recommended that clients/individuals obtain a number of competitive quotations before appointing a surveying company to undertake a technical due diligence survey. When making initial inquiries it is of benefit if the instructing party can provide as much information as possible to enable companies providing fee proposals to accurately assess the likely cost in undertaking a technical due diligence survey (TDD Survey) of a commercial building.
Useful information is as follows:
- Timescales
- Size and location of property
- Scope of the survey/report (any areas to be limited, or information not required)
- Any documentation in relation to the commercial building
Once a building surveyor has obtained this information they will be able to calculate the cost of a technical due diligence survey.
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GET A QUOTE FOR YOUR TDD SURVEYHow does a Commercial Building Surveyor calculate the cost of a Technical Due Diligence Survey (TDD Survey)?
A commercial property surveyor will assess the information provided and also undertake their own desktop review by doing online searches. If the commercial building is local to the surveying company then they may have some prior knowledge of the building and area.
A building surveyor will typically assess how long they anticipate the TDD survey and report will take them to complete and then calculate the projected time spent against their hourly rate. As technical due diligence surveys are often undertaken by more experienced building surveyors their hourly rate can be higher than that of surveyors undertaking less complex instructions.
Alternatively, some surveying companies are on frameworks or have models for calculating fees on a rate per sqft/sqm. This is typically a pence per area rate with a minimum charge.
Other consultant costs
Other consultants will also be required as part of a technical due diligence survey to enable inspection and reporting of specific building components or elements. Typically a technical due diligence survey will involve the input of a mechanical and electrical consultant, and an environmental consultant. There may need to be surveys by structural engineers, cladding consultants and other specialist surveyors.
A commercial property surveyor will assess the requirements of the technical due diligence survey against the information provided by the client. Depending on the size and range of services offered by the surveying practice they may have in-house capabilities or may have to use external consultants. A building surveyor will typically obtain a number of quotes for each of the relevant other consultants and then incorporate that fee within the overall proposal. The building surveyor may also include option costs for consultants who may be required/or could be instructed to provide the client with a greater level of detail.
It is also recommended that a client budget a certain amount for further investigation such as CCTV surveys of underground drainage, intrusive investigation of cladding and disbursements for local authority searches. The budget allocation will be dependent upon the size and complexity of the commercial building.
The costs to cover input by other consultants and investigations will range significantly owing to the building and findings, although a reasonable budget would be between £2k-£20k
How do I appoint a Commercial Building Surveyor once I am happy with the cost
Once a client has identified their preferred consultant then they will need to formally appoint the building surveyor to complete the technical due diligence survey of the commercial property. Most building surveyors will have their own terms and conditions which they will append to any fee proposal. The client will likely need to approve these and sign an appointment letter to formalise the appointment.
We hope you found this building surveying blog helpful, at Commercial Building Surveyors, we offer Technical Due Diligence surveys in the following parts of the UK: Technical Due Diligence Bristol, Technical Due Diligence Manchester, Technical Due Diligence London, Technical Due Diligence Cardiff
Or you can head straight here for more information about: Technical Due Diligence
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