Are you about to embark on the journey of buying, selling, or maintaining a property, only to be confronted with a multitude of unknowns and uncertainties about the property's condition? The Royal Institution of Chartered Surveyors (RICS) standards suggest that a thorough inspection is essential to avoid costly surprises down the line. This is where a Level 3 Home Survey comes in – the most comprehensive evaluation of a property's condition, providing buyers and homeowners with the detailed information they need to make informed decisions. By understanding the intricacies of a Level 3 Home Survey, you'll gain valuable insights into the property's condition, empowering you to navigate the complex world of property ownership with confidence.
"Introduction to Level 3 Home Surveys"
When embarking on the journey of buying, selling, or maintaining a property, it's essential to understand the intricacies of a Level 3 Home Survey, the most comprehensive evaluation of a property's condition under the Royal Institution of Chartered Surveyors (RICS) standards. This in-depth exploration will provide a comprehensive overview of what to expect from a Level 3 Home Survey, empowering you to make informed decisions and navigate the complex world of property ownership with confidence. By delving into the definition, benefits, and applications of a Level 3 Home Survey, you'll gain a deeper understanding of this critical tool, and be better equipped to identify potential risks and costs associated with your property investment.
What is a Level 3 Home Survey?
A Level 3 Home Survey, also known as a Building Survey, is the most comprehensive type of home survey under the Royal Institution of Chartered Surveyors (RICS) standards. This type of survey is particularly recommended for older homes, those with unconventional construction, or properties that have undergone significant changes. It provides a detailed evaluation of the property's structural qualities and identifies potential defects.
Definition and History of Level 3 Home Surveys
The concept of Level 3 Home Surveys dates back to the RICS standards, which emphasize the importance of thorough inspections and detailed reports. Over the years, the standards have evolved to include advanced technologies such as drones and Geographic Information System (GIS) maps for precise boundary identification. This has enabled surveyors to provide more accurate and comprehensive assessments of properties.
Difference between Level 2 and Level 3 Home Surveys
Level 2 Home Surveys, which are less comprehensive, provide valuable insights into the property's condition, but are not as detailed as Level 3 Surveys. Level 3 Surveys, on the other hand, offer a more in-depth evaluation of the property's structural qualities and pinpoint potential issues. This makes Level 3 Surveys ideal for buyers who want a comprehensive understanding of the property's condition and to identify potential problems.
Importance of a Level 3 Home Survey for Homebuyers
A Level 3 Home Survey is essential for homebuyers who want to make informed decisions about their property investment. It empowers buyers with accurate information, enabling them to identify potential risks and costs associated with the property. This can help identify issues that could cause costly repairs in the future, offering peace of mind and the potential to negotiate on price or decide against buying a problematic property.
Who Needs a Level 3 Home Survey?
Recommended scenarios for Level 3 surveys include:
- Older homes (over 50 years old)
- Properties on the Statutory List of Buildings of Special Architectural or Historic Interest
- Complex properties constructed in an unusual way or with significant alterations
- Properties intended for renovation or significant changes
- Buyers who want a comprehensive understanding of the property's condition and potential issues
Benefits of Conducting a Level 3 Home Survey
By conducting a Level 3 Home Survey, homeowners can identify potential issues that could cause costly repairs in the future, offer peace of mind, and potentially negotiate on price or decide against buying a problematic property. Additionally, a Level 3 Survey provides homeowners with critical insights into the property's condition, helping them make informed decisions about their investment.
Pre-Survey Checklist
To prepare for a Level 3 Home Survey, homeowners should:
- Gather essential documents, such as floor plans, previous survey reports, and relevant property history
- Clear clutter and ensure easy access to all areas of the property
- Fix minor defects and ensure accessibility to complex areas
- Prepare documentation and information to streamline the survey process
What to Expect During the Survey
Homeowners can expect a thorough and meticulous examination of the property's interior and exterior, including structural integrity, dampness, roofs, chimneys, and loft spaces. Surveyors will document their findings using comprehensive photographs and detailed reports, and provide regular updates and follow-up calls to ensure client understanding and engagement.
Key Components of a Level 3 Home Survey
Key components of a Level 3 Home Survey include:
- Thorough Inspection: A detailed visual inspection of the exterior and interior of the property
- Detailed Report: A comprehensive report describing the construction and materials used, the condition of each element, and identifying defects, their causes, and necessary repairs
- Risk Assessment: A survey identifying potential or hidden defects and providing an assessment of the relative importance of any defects found
- Recommendations: The report includes recommendations for further investigations, maintenance options, and approximate costs of repair
Recent Developments in Level 3 Home Surveys
Recent developments emphasize the importance of thorough preparation and the use of advanced technologies, such as drones and GIS maps, for precise boundary identification. Additionally, there is an increasing focus on sustainability and environmental impact assessments, which are becoming integral parts of comprehensive surveys.
Preparing for a Level 3 Home Survey
Homeowners can prepare for a Level 3 Home Survey by gathering essential documents, clearing clutter, fixing minor defects, and ensuring easy access to all areas of the property. This will enable surveyors to conduct a thorough and accurate examination of the property, providing homeowners with critical insights into the property's condition.
Understand the Home Survey Process: Level 3 Home Surveys
Understanding the components and applications of a Level 3 Home Survey is essential for both buyers and sellers. It ensures transparency and security in property transactions, empowering buyers with accurate information to make informed decisions about their property investment.
Recent Trends in Home Surveys
Recent trends in home surveys emphasize the use of advanced technologies, such as drones and GIS maps, for precise boundary identification. Additionally, there is an increasing focus on sustainability and environmental impact assessments, which are becoming integral parts of comprehensive surveys.
Key Aspects of the Home Survey Process
Key aspects of the home survey process include:
- Inspection: A detailed examination of the property's interior and exterior
- Documentation: Comprehensive photographs and detailed reports outlining observations, assessments, and recommendations
- Client Engagement: Regular updates and follow-up calls to ensure client understanding and engagement
Enthusiastically Include Benefits:
Who Needs a Level 3 Home Survey?
A Level 3 Home Survey, commonly known as a Building Survey, is the most comprehensive evaluation of a property's condition. It is particularly recommended for older homes, those with unconventional construction, or properties that have undergone significant changes. However, certain property types may benefit from this inspection regardless of age or condition, making it an essential tool for homeowners, buyers, and real estate professionals.
Recommended Scenarios for Level 3 Surveys
For properties over 50 years old, a Level 3 survey is highly recommended as it helps identify potential issues with the building's structure, roof, dampness, chimneys, and loft spaces. Teachers' pensions schemes and those who purchase homes through Help to Buy may also benefit from a Level 3 survey. Furthermore, the survey is critical for listed buildings, unique or complex properties, and those with a history of renovations or extensive repairs.
Risks of Not Conducting a Level 3 Home Survey
Fail to conduct a Level 3 survey and the results may not accurately reflect the property's condition, leaving the buyer or homeowner financially vulnerable to costly surprises down the line. Hidden defects identified during the survey may be required to be addressed and repaired by the seller, which can cause significant distress and financial strain. By investing in a Level 3 survey, homeowners can avoid future surprises, save money, and enter into a property purchase with added confidence.
In conclusion, a Level 3 Home Survey is a critical investment for those looking to purchase, sell, or maintain a property. It provides a thorough assessment of the property's condition, identifies potential issues, and offers actionable recommendations for repairs and maintenance. Understanding who needs a Level 3 Home Survey is essential to taking a proactive and informed approach to property ownership.
The Benefits of a Thorough Inspection: Unlocking the Rewards of a Level 3 Home Survey
Embarking on the journey to homeownership can be a complex and often overwhelming process, filled with uncertainties about the condition of the property. As you prepare for your Level 3 home survey, you're likely considering the numerous benefits it can bring to your buying experience. In this section, we'll delve into the advantages of conducting a comprehensive Level 3 home survey, from identifying potential hidden issues and future costs to providing peace of mind for homebuyers - and exploring how this data optimizes renovation costs and mitigates renovation risks.
Understanding Property Condition: The Key to Making Informed Decisions
When it comes to buying a home, understanding the property condition is crucial in making informed decisions. A Level 3 home survey provides a comprehensive evaluation of the property's condition, identifying hidden issues and future costs. This in-depth analysis helps homebuyers determine the property's value, assess potential defects, and make informed decisions about their investment.
Identifying Hidden Issues and Future Costs
A Level 3 home survey involves a thorough inspection of the property, including all permanent outbuildings, to identify serious defects and potential safety hazards. This comprehensive inspection helps identify areas that may require costly repairs or maintenance, enabling homebuyers to budget accordingly. By understanding the property's condition, homebuyers can avoid costly surprises post-purchase and make informed decisions about their investment. A Level 3 survey also provides a detailed report on the property's structure and condition, including technical information on the construction and materials used.
Potential for Price Negotiation Based on Survey Findings
The findings of a Level 3 home survey can also have a significant impact on the negotiating power of homebuyers. If the survey reveals significant defects or issues, homebuyers may be able to negotiate a lower price with the seller. This can be a significant advantage, as it allows homebuyers to secure a better deal on their investment. Additionally, a Level 3 survey provides a detailed report on the property's condition, which can be used to support negotiations and ensure that both parties are aware of the property's true value.
Peace of Mind for Homebuyers
One of the most significant benefits of a Level 3 home survey is the peace of mind it provides for homebuyers. By understanding the property's condition, homebuyers can feel more confident in their investment and avoid costly surprises post-purchase. A Level 3 survey also provides a detailed report on the property's condition, which can be used to plan and budget for future maintenance and repairs. This peace of mind can be invaluable for homebuyers, allowing them to focus on other aspects of their lives and enjoy their new home without unnecessary stress.
Implications for Renovation Projects
A Level 3 Home Survey is particularly useful for renovation projects, as it provides a comprehensive understanding of the property's condition, enabling homeowners to make informed decisions about their investment. The survey's findings can have a significant impact on renovation costs, as they identify potential issues and areas that require attention. By conducting a thorough assessment, homeowners can plan and budget for renovations more effectively, reducing the risk of costly surprises.
For instance, a Level 3 Home Survey can reveal hidden defects and structural issues that may be costly to repair. This information can help homeowners negotiate a better price or decide against buying a property that requires significant renovations. Moreover, the survey can provide valuable insights into the property's energy efficiency, water management, and drainage systems, allowing homeowners to make informed decisions about improvements.
In terms of renovation costs, a Level 3 Home Survey can help identify areas where cost savings can be achieved. For example, the survey may reveal that certain materials or systems are no longer suitable or that they can be replaced with more cost-effective alternatives. By leveraging this information, homeowners can optimize their renovation budget and make the most of their investment.
In addition, a Level 3 Home Survey can mitigate risks associated with renovation projects. By identifying potential issues and areas that require attention, homeowners can plan and execute renovations more safely and efficiently. This can help reduce the risk of accidents, injuries, or damage to the property, which can be costly and time-consuming to rectify.
In conclusion, a Level 3 Home Survey is an essential tool for homeowners embarking on renovation projects. Its comprehensive findings can inform decision-making, optimize budgets, and mitigate risks, ultimately leading to a successful and stress-free renovation experience.
Preparing for a Level 3 Home Survey:
"As you prepare to embark on a comprehensive evaluation of your property's condition, understanding the Level 3 home survey process is crucial to ensuring a smooth and informed experience. In this crucial stage of the survey, every detail matters, from gathering essential documents to clearing clutter and improving access. By mastering the preparation process, you'll be empowered to make the most out of your Level 3 home survey, unlocking valuable insights into your property's condition and equipping you to make informed decisions about your investment."
Pre-Survey Checklist: A Comprehensive Guide to Prepare Your Home for a Level 3 Home Survey
Understanding and preparing for a Level 3 Home Survey is crucial to ensure you make the most out of this comprehensive evaluation of your property's condition. To lay a solid foundation for a smooth survey process, review the essential documents and tips we've outlined below.
Essential Documents to Gather
Before the surveyor arrives, it's vital to gather all necessary documents, including:
- Previous survey reports: Any previous surveys, inspections, or assessments conducted on the property, including maintenance records and reports from previous homebuyers.
- Building plans and specifications: Obtain the original construction plans, specifications, and any amendments made to the property.
- Planning permissions and consents: Collect any relevant planning permissions, listed building consents, or other permissions that may impact the surveyor's inspection.
- Energy performance certificates: Ensure you have the most up-to-date energy performance certificates, such as an Energy Performance Certificate (EPC).
- Correspondence with previous owners: Collect any relevant correspondence or letters from previous owners, including any disputes or issues that may have arisen during ownership.
Tips for Homeowners
To prepare your property for the survey, follow these valuable tips:
- Clear clutter and tidy your property: Remove any obstructions, clutter, or tripping hazards to allow the surveyor easy access to all areas of the property.
- Fix minor defects: Address any minor issues, such as leaky faucets or broken light fixtures, to ensure a smooth inspection.
- Improve accessibility: Ensure all doors, windows, and areas are easily accessible to facilitate a thorough inspection.
- Prepare the property's exterior: Clear leaves, trees, and garden obstacles to allow accurate assessments of the property's exterior.
- Share information and engage with the surveyor: Be prepared to discuss any concerns or questions you have with the surveyor, and maintain open communication throughout the process.
Additional Tips
When preparing for your Level 3 Home Survey, keep in mind:
- Conduct routine maintenance: Perform routine maintenance to prevent hidden defects or issues from emerging.
- Document your property's history: Keep a record of any work done on the property, including any renovations, repairs, or replacements.
- Schedule necessary repairs: Identify any necessary repairs or maintenance before the survey takes place to ensure the surveyor can provide an accurate assessment.
By following these essential documents, tips, and guidelines, you'll be well-prepared for a successful and informative Level 3 Home Survey, ensuring you make informed decisions about your property investment.
What to Expect During the Survey
When a Level 3 home surveyor arrives at your property, you can expect a thorough and meticulous examination of every aspect of your home. The survey typically lasts anywhere from 2 to 5 hours, depending on the size and complexity of your property. During this time, the surveyor will interact with you to clarify any questions or concerns you may have and ensure you understand the survey process and findings.
As the survey progresses, the surveyor will document their observations and assessments through photographs, notes, and detailed reports. They will also identify potential defects, their causes, and recommend repairs and maintenance options. In addition, the surveyor will provide a comprehensive risk assessment, highlighting potential issues that could lead to costly repairs in the future. This detailed report will provide you with a thorough understanding of your property's condition, enabling you to make informed decisions about your investment.
After the survey, the surveyor will typically provide you with a follow-up call to discuss the findings and answer any questions you may have. This ensures that you understand the survey process and are prepared to address any issues that arise in the future. Throughout the survey process, the surveyor will maintain open communication with you, ensuring that you are informed and engaged throughout the experience.
By understanding what to expect during a Level 3 home survey, you can better prepare yourself for the process and ensure that you make the most of this critical investment. With this knowledge, you can also take steps to clear clutter, fix minor defects, and ensure easy access to all areas of your property, streamlining the survey process and ensuring a smooth inspection.
Key Components of a Level 3 Home Survey
As you approach the critical decision to purchase a property, understanding the requirements and benefits of a Level 3 home survey is essential. In this section, we'll delve into the key components of a comprehensive Level 3 Home Survey, including the detailed inspection process, technology use, and the importance of accessibility, and explore how these factors come together to provide a thorough assessment of the property's condition. From the inside out, a Level 3 Home Survey is a critical step in the property buying process, empowering buyers to make informed decisions about their investment and ensuring that costly surprises are minimized.
Detailed Inspection Process
When conducting a Level 3 Home Survey, a comprehensive and meticulous inspection of the property is essential to identify potential issues and provide a thorough assessment of its condition. As per RICS guidelines, a Level 3 survey should cover all accessible areas of the building, from roof to ground, to ensure that nothing is overlooked. This includes permanent outbuildings, and the surveyor should examine all structural elements, including walls, floors, and ceilings, to assess their condition and integrity.
One of the key aspects of a Level 3 Home Survey is the importance of accessibility to all areas of the property. The surveyor should ensure that they have clear access to all areas of the building, including roof spaces, loft areas, and any other areas that may be difficult to reach. This is particularly crucial for properties with challenging access, such as those with spiral stairs or other unusual architectural features. The surveyor should also ensure that the property is clear of clutter and debris, and that any obstructions or obstacles are removed to facilitate the inspection.
Technology plays a significant role in modern Level 3 Home Surveys, and the use of advanced technologies such as drones and Geographic Information System (GIS) maps can provide valuable insights and information. For example, drones can be used to inspect hard-to-reach areas, such as the roof and chimney, while GIS maps can be used to identify property boundaries and identify any potential issues with the property's footprint. The use of technology can help to streamline the survey process, reduce costs, and provide more accurate information, enabling buyers to make informed decisions about their property investment.
In addition to the use of technology, a Level 3 Home Survey should also include a detailed report that outlines the findings of the inspection, including any defects or issues identified, and recommendations for improvement or repair. The report should be comprehensive and detailed, providing buyers with a clear understanding of the property's condition and any potential issues that may need to be addressed. The surveyor should also provide regular updates and follow-up calls to ensure that the buyer is informed and engaged throughout the process.
Overall, a Level 3 Home Survey is a critical step in the property buying process, providing buyers with a comprehensive and detailed assessment of a property's condition. By including a thorough inspection, using advanced technologies, and providing a detailed report, a Level 3 Home Survey can help to identify potential issues, reduce the risk of costly surprises, and enable buyers to make informed decisions about their property investment.
The Survey Report: A Comprehensive Guide to Level 3 Home Surveys
A Level 3 Home Survey, also known as a Building Survey, is the most comprehensive type of home survey under the Royal Institution of Chartered Surveyors (RICS) standards. This type of survey is essential for buyers who want a thorough assessment of a property's condition, identifying potential issues and providing detailed recommendations for repairs and maintenance. The survey report is a critical component of this process, as it documents the property's condition, identifies defects, and outlines the necessary repairs.
The structure and contents of the survey report are designed to provide a detailed and informative overview of the property's condition. The report typically includes a thorough inspection of the property's exterior and interior, including all permanent outbuildings. The surveyor examines all accessible parts of the building, from roof to ground, and provides a detailed report on the property's structure and condition. The report also includes technical information on the construction and materials used, along with strategic advice for maintaining or improving the property's condition.
The survey report includes a detailed documentation of the inspection, including photographs and notes on observations, assessments, and recommendations. The report also includes a risk assessment, which identifies potential or hidden defects and provides an assessment of the relative importance of any defects found. This section is critical, as it helps buyers understand the potential risks and costs associated with the property and make informed decisions about their investment.
In addition to the technical aspects, the survey report also provides recommendations for further investigations, maintenance options, and approximate costs of repair. The surveyor will also outline any defects or issues that need to be addressed, along with a plan for repairing or maintaining the property. This information is invaluable to buyers, as it empowers them to make informed decisions about their property investment and reduces the likelihood of costly surprises post-purchase.
Overall, the survey report is a critical component of a Level 3 Home Survey, providing buyers with a comprehensive understanding of the property's condition and potential needs for repairs or maintenance. By understanding the structure and contents of the survey report, buyers can make informed decisions about their property investment and ensure that they are well-prepared for any challenges that may arise.
Recent Developments in Level 3 Home Surveys:
As you prepare for your Level 3 home survey, it's essential to stay informed about the latest developments in the industry. The world of home surveys is evolving rapidly, with new technologies and standards being introduced to improve accuracy, efficiency, and transparency. In this section, we'll delve into the recent changes in Level 3 home surveys, exploring the updated RICS Home Survey Standards, the impact of emerging technologies, and the future trends that will shape the industry.
Changes in Survey Standards: What to Expect
In recent years, the Royal Institution of Chartered Surveyors (RICS) has released updated Home Survey Standards, which have significantly impacted the way Level 3 home surveys are conducted. These changes emphasize a more consultative approach with clients, ensuring that the surveyor communicates clearly about the depth and limitations of each survey type. This shift towards clear client communication is crucial in building trust and providing accurate information, allowing homeowners to make informed decisions about their property.
Furthermore, the updated survey standards prioritize sustainability and environmental assessments, making Level 3 home surveys more comprehensive and relevant to today's market. This increased focus on environmental impact is expected to become a standard aspect of home surveys, reflecting the growing demand for eco-friendly buildings and homes. As a result, surveyors are expected to incorporate sustainable practices and green technologies into their assessments, providing homeowners with a clearer picture of their property's environmental condition and potential for improvements.
For homeowners, these changes mean that they can expect even more detailed and accurate information about their property's condition, defects, and potential risks. By understanding the updated survey standards, homeowners can better appreciate the importance of working with a qualified and experienced surveyor, who can provide thorough assessments and recommendations for maintenance and repairs. With clear communication and sustainable practices becoming increasingly essential, homeowners can trust that their Level 3 home survey will provide them with a comprehensive understanding of their property's condition, empowering them to make informed decisions about their investment.
Additionally, the emphasis on client communication and engagement during a Level 3 home survey ensures that all parties are well-informed about the survey's scope, duration, and findings. This collaborative approach helps to build trust and ensures that all concerns are addressed, resulting in a smoother and more efficient survey process. As a result, homeowners can expect a more transparent and comprehensive insight into their property's condition, helping them navigate any challenges that may arise and making the most of their investment.
Technological Advancements in Surveys
The world of home surveys has witnessed significant technological advancements in recent years, transforming the way surveyors conduct inspections and report findings. These innovations have not only improved the accuracy and efficiency of surveys but also enhanced the overall customer experience. Emerging technologies such as drones and infrared cameras are now being integrated into surveying practices to provide a more comprehensive and detailed assessment of properties.
The use of drones, for instance, has revolutionized the way surveyors inspect properties from above. Drones equipped with high-resolution cameras can capture detailed images of the property's exterior and roof from the air, reducing the risk of damage to the property during inspections. This technology has also enabled surveyors to inspect remote or hard-to-reach areas, such as inaccessible roofs or tall chimneys, with greater ease.
Infrared cameras, on the other hand, have become increasingly popular in the field of home surveys. These cameras can detect temperature fluctuations within a property, which can help identify potential issues such as hidden damp or structural damage. This technology has been particularly useful in inspecting properties with complex foundations or poorly insulated floors, where traditional methods may not be effective.
The integration of Geographic Information System (GIS) technology has also improved the accuracy of survey plans and property boundaries. GIS mapping allows surveyors to create precise digital models of properties, which can be used to identify potential issues such as subsidence or vibration damage. This technology has also streamlined the survey process, enabling surveyors to work more efficiently and accurately.
As technology continues to advance, we can expect to see even more innovative solutions being developed to support home surveys. For instance, the use of artificial intelligence (AI) and machine learning (ML) algorithms is expected to improve the accuracy and efficiency of survey reports, enabling surveyors to identify potential defects and defects more quickly and accurately. Furthermore, the integration of broadband sensors and IoT devices will enable real-time monitoring of property defects, reducing the need for follow-up surveys and enabling surveyors to provide more proactive advice to clients.
Overall, the integration of technological advancements into home surveys has transformed the way surveyors conduct inspections and report findings. These innovations have improved the accuracy, efficiency, and effectiveness of surveys, providing clients with a more comprehensive understanding of their properties and enabling them to make informed decisions about their investments.
Impact of Technology on Survey Accuracy and Efficiency
The impact of technology on survey accuracy and efficiency has been significant, enabling surveyors to work more efficiently and accurately. Emerging technologies such as drones and infrared cameras have improved the accuracy of surveys by providing a more comprehensive and detailed assessment of properties. The use of GIS technology has also improved the accuracy of survey plans and property boundaries, enabling surveyors to identify potential issues such as subsidence or vibration damage.
The integration of digital technologies has also streamlined the survey process, enabling surveyors to work more efficiently and accurately. Many surveying software programs now include features such as project management tools, document management systems, and risk management frameworks, which enable surveyors to manage large-scale projects more effectively.
Moreover, the use of digital technologies has reduced the need for paper-based documentation and reporting. Many surveying software programs now provide electronic reporting tools, which enable surveyors to produce detailed survey reports electronically, reducing the need for paper-based documentation.
Future Trends in Home Surveying
The future of home surveying looks bright, with emerging technologies such as artificial intelligence (AI) and machine learning (ML) algorithms expected to play a major role in the industry. The use of AI and ML algorithms is expected to improve the accuracy and efficiency of survey reports, enabling surveyors to identify potential defects and defects more quickly and accurately.
The integration of broadband sensors and IoT devices will also enable real-time monitoring of property defects, reducing the need for follow-up surveys and enabling surveyors to provide more proactive advice to clients. Furthermore, the use of virtual reality (VR) and augmented reality (AR) technologies is expected to provide clients with a more immersive and interactive understanding of their properties, enabling them to visualize potential issues and make more informed decisions.
Overall, the future of home surveying looks promising, with emerging technologies expected to transform the industry in the coming years. As technology continues to advance, we can expect to see even more innovative solutions being developed to support home surveys, providing clients with a more comprehensive understanding of their properties and enabling them to make informed decisions about their investments.
