Whether you are thinking of buying or selling commercial real estate, you need to be armed with the right kinds of information – what you need to go forward, who can answer any questions you have, where you can get immediate answers. The very last thing you need, at any part in the process, is any unwelcome surprises. That’s why it is vitally important that you view an inspection as a discovery phase and a good aspect of buying or selling. Buying commercial property is a huge investment, and when you’re selling commercial property, it’s wise to know what your strong points are, and what your areas for improvement may be – so that you can get the most return on your own investment.
Three Reasons You Need A Commercial Property Inspection
- Review of the eclectrical systems of the commerical property
- Review of the Plumbing Systems of the commerical property
- Review of the Building Structure of the commercial property
When buying a home, a lot of time and effort regarding inspections may go into things like condition of the flooring or walls. Commercial inspections are less concerned with those things, because those aren’t the things that cost major amounts of money to repair or replace. Commercial inspections are looking at industry standards for commercial real estate, not home real estate. There really is a difference in focus.
For instance, a commercial inspection will be taking a hard look at the electrical systems of the property and comparing them to industry standards. Most commercial properties need their electrical systems replaced, or very seriously upgraded, every fifty years. During this discovery phase, you will discover where the property falls and how long it may be before you are looking at replacing that system.
Plumbing systems in commercial properties are also much different than those in homes, and that’s why a good commercial real estate inspector is needed to take a look at current system and compare them to current industry standards, which should last somewhere in the time frame of forty to sixty years. Photographs are usually taken so that both buyers and sellers can be made aware of the issues that exist and can document point progress at a later date if necessary.
When commercial inspectors look at a commercial building, they are looking at a building that should stand, with minimal work and excluding natural disasters, for a good 70 to 100 years before needing foundational work, for example. This becomes important and industry standards may change when you are in a hurricane prone area (regulations with glass, footers, etc.) The average buyer, seller or owner may have no idea of such things.
To protect your investment and make the most of your time, it’s always a good idea to work with a quality commercial real estate company. They are aware of all the industry standards and who the most experienced local inspectors are. This saves you time and potentially thousands of dollars.
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