Commercial property inspections are used in multiple different circumstances. They can be undergone prior to purchasing a commercial property or as a regular, annual inspection. There are many benefits to either option, though many investors overlook the importance of a commercial property inspection prior to purchasing the property. It is important to understand all of the benefits that these inspections can provide, as well as the differences between these kinds of inspections and residential inspections. Here at Reedy Set Go, we strive to provide you with all the services that you need to protect your investments, families, and interests.
What is a Commercial Property Inspection?
The main difference between commercial and residential inspections is that commercial property inspections deal in money, not in emotion. In residential purchases, there is a great deal of emotion involved. Homes are often chosen because the buyer loves the location or a particular aspect of the building. However, commercial inspections look primarily at the bottom line. They determine what the investor will have to spend money on now or in the near future. Commercial property inspections look primarily at the life span of major systems, rather than minor cosmetic issues. A scuffed carpet is unlikely to be a major concern for a commercial property buyer, though it might be an issue for a home buyer.
A commercial property inspector will examine the essentials within the building. They will look at the structure, including the condition of both the foundation and the roof. The inspector will examine internal systems, such as the HVAC, plumbing, and electrical systems. They will examine the condition of the parking lots, sprinklers, and drainage systems on the exterior of the property. Interior concerns will be examined, including light fixtures, windows, and ceilings. They often also look at accessibility to the property, like emergency exits and wheelchair access. It is important to hire an inspector that is experienced regarding commercial property inspection to ensure that they focus on the right aspects.
1. Document the Condition of your Property
An effective commercial property inspector will examine and document the overall condition of the property. This can be useful for many different types of businesses, as it can be used to document lease violations, as well as provide many other benefits for a commercial property. Documentation is a vital aspect to protect your building and yourself from potential legal issues.
2. Protect your Investment
Real estate, in any form, is never a minor investment. Though there are many benefits to investing in real estate, it doesn’t change the fact that real estate investments involve substantial sums of money. Initial commercial inspections, as well as annual commercial inspections, can go a long way toward protecting your investment. The initial inspection is important because it will ensure that you won’t purchase a building that requires expensive renovation. Annual inspections will check on the condition of the property and will catch damage to the building in the early stages. Obtaining these inspections is a vital step to protect your investment.
3. Save Money
Problems with the building that aren’t caught in the early stages can escalate to significant proportions. The larger a problem is allowed to grow, the more expensive it will be to repair. A thorough property inspection will help to catch potential issues. Due to the fact that commercial property inspections are focused on the bottom line rather than emotional aspects, a commercial inspection will note the likelihood of expensive damage from occurring. This can provide the owner with the information they need to make necessary repairs while they remain relatively inexpensive and rather minor.
4. Make Informed Decisions
As was previously mentioned, real estate investments of any manner involve large amounts of money. When you are making decisions regarding such large totals, it is important to obtain all of the information possible prior to making the decision. A commercial inspection will gather a significant amount of information, especially pertaining to the pros and cons of the overall investment. They can also help you to make decisions regarding whether you should implement various repairs or renovations. Few people have the same level of information regarding the ins and outs of real estate property as a professional inspector does. This is one of the many reasons why it is vital to consult with a professional commercial property inspector prior to investing in a commercial property.
5. Simplify Insurance Claims
Insurance claims can be incredibly complicated. They require thorough documentation to establish that incidents weren’t preventable, among many other things, depending on the specific insurance policy. By regularly obtaining commercial property inspections, you will have all of the documentation that you need to simplify the process of an insurance claim. These inspections will document the ongoing condition of the property, among many other things. Regularly obtaining the right inspections can go a long way toward protecting your property from many different problems.
6. Keep Up to Date with Building Codes
Both Federal and State codes change regularly. Not only do these codes change, but the condition of the building may change to a point where it is no longer up to par with the existing regulations. An inspector will have an intimate knowledge of all of these various codes, which will allow them to ensure that your building remains up to these standards. This is not only important to protect your building, but it is similarly vital to protect yourself from potential lawsuits caused by issues with the building.
Commercial property inspections are very different from residential inspections. They are a vital step to take when you decide to invest in a commercial property. From saving money to obtaining the appropriate documentation, these inspections are a great way to protect your investment and your finances. Here at Reedy Set Go, we strive to provide all of the necessary services to protect your real estate investments. To learn more about the ins and outs of commercial property inspections, contact our experts today.