Buying a commercial building is a big investment. Before a purchase is made, a Portfolio Manager may order a building inspection and report, which provides the information needed to make an informed decision on the property.
The right commercial building inspection will highlight the true condition of a property and the costs required to repair it. But what, exactly, will a commercial building inspector look for during an inspection? Keep reading to discover building inspection basics and four things an inspector will be sure to check
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Commercial property inspections typically occur during the closing of a sale, just as home inspections do, when a buyer may require an assessment prior to completing the deal. After all, whether you are investing in a movie theater, office building, or strip mall, you want to be sure that your investment is sound from floor to ceiling and that the materials and air is free from harmful pollutants. Sellers should want to ensure commercial property inspections are done, too because the prior occupants or patrons of the building may have been affected. Not to mention that until the real estate changes hands, it is the seller’s investment to protect.
You might be more familiar with a home inspection which includes aspects like foundation, electrical, roofing and plumbing – all of which are still part of commercial property inspections. What factors differ in commercial property inspections? Two additional inspection areas include parking and fire safety (exits, stairwells, sprinklers, etc.). But, there may be more areas to have inspected: elevators, furnaces, pools, carpets (for bedbugs), etc.
Inspectors may hire additional experts for commercial property inspections that have unique needs or needs that cannot be covered without expertise, such as contractors or electrical engineers.
Commercial property inspections also involve a review of documents concerning building history, permits, environmental studies, floor and construction plans, maintenance, citations, appraisals, and certificates of occupancy (when applicable).
In the end, a property’s overall condition is determined. It may be necessary to make costly repairs or do nothing at all. Commercial property inspections produce a report with all of the findings, so all parties are aware of the condition prior to selling your home. In some cases, the seller is required to pay for the necessary changes first. In others, a discount on the purchase price of the estate is given to the buyer in the amount of the cost of repair so the buyer can handle the repairs at no further cost.
If you are in the process of a buying or selling a property, Inspect-It 1st! An agent can meet with you face to face to address any specific concerns you have as a buyer, seller, or even current owner seeking commercial property inspections. Inspectors are skilled at dealing with large structures in which multiple party communication is essential. That way, everything goes smoothly, concerns are laid to rest, and the property can continue to thrive, no matter what the next chapter may be!
Free Resource: Here’s Your Commercial Building Inspection Checklist
Making the right property investment starts with having the right tools. A commercial property inspector will be your main resource, but it never hurts to be prepared. Use this property inspection checklist to understand the true condition and value of your next investment property. By using this checklist, you’ll be better protected from falling victim to real estate investment scams due to inadequate property inspections.