Buying a commercial building or center is a major investment. You never want to buy a commercial building that has more problems than you can ever afford to repair, especially when the building is a commercial center and you want to lease out the various suites. In such a case you will want to have quality spaces in which other small businesses are able to thrive. Before buying any commercial building you will want to have the entire property thoroughly inspected. With a detailed inspection report you can more comfortably make the final decision as to whether or not to buy the commercial property. JMark Inspections would like to share some basics on commercial inspection services and how they can aid buyers.
Categories of Commercial Real Estate
A commercial building is usually divided into five major categories such as office buildings, retail/restaurant, multi-family dwellings, land and miscellaneous. When considering to buy any commercial building you will want to have the property inspected. This is true for an old or a newly built commercial center. Even a new building can be constructed with some flaws that may have been overlooked or even built by a less experienced contractor. When seeking an inspection, make sure you hire a commercial building inspector. A home inspector is not qualified to perform a commercial inspection. However, many home inspectors will seek training and licensing to perform both commercial and residential inspections. When seeking a commercial inspection for an inspection service, just clarify if you require a licensed commercial inspector.
What is Looked & Inspected in a Commercial Building Inspection?
When hiring an inspector to perform a commercial inspection, they will do a thorough inspection of the building(s). Some of the focuses of a commercial inspection is the roof, foundation, building structural integrity, the HVAC system and the plumbing and electrical system. Often a real estate management service is particularly interested in the HVAC system. Often old units should be replaced to improve energy efficiency. When buying an older building you will want to make sure the HVAC system isn’t over ten to fifteen years. If they are, you can request the HVVAC system to be updated or reduce the cost of the commercial building. When inspecting inside the building, the inspector will also insure the interior space follows all local building codes and that there is no safety hazards. When inspecting the outside this doesn’t just include the building, but the parking lot, landscaping and exterior lighting as well. It is equally important that the outside of the building and its surrounding systems work properly and are up to code.
Commercial Building Inspection Report
Once the commercial inspector has finished their inspection they will begin making a report of their findings. Often they will include pictures and other resource materials. Often when filing a report the inspector may even look at the appraisal report, the building plans, and more. This is important that everything matches up and that there are no discrepancies. With the inspector’s report you are better equipped to see your future investment and what, if any, repairs are needed. You can also use the inspector report to negotiate the final price of the commercial building.