When purchasing commercial property, it’s essential to schedule an inspection with a licensed commercial property inspector before you decide to buy. Only certified inspectors can complete a pre-purchase inspection, and top-rated inspectors can save you thousands of dollars by pointing out problems others might miss. Working with a reputable inspector can mean the difference between investing in a property that will make you money versus one that will drain your bank account. If you have a commercial property you want to sell, then a registered inspector can be used to point out potential problems that could lose you money.
Finding and resolving issues with your property before you sell can help you get a higher offer. The most successful real estate investors hire inspectors for the best commercial real estate inspection services that can save them money. Taking the time to choose the right inspector for your commercial property is always important. There might be hundreds of registered property inspectors in your location, but finding the best professional for the job can be difficult. Luckily, PropertyCashin is here to help. You can save countless hours by using the commercial property inspector directory on PropertyCashin. Our list includes the highest rated local inspectors in your area.
- Commercial Property Management Companies
- Commercial Property Insurance Companies
- Commercial Private & Hard Money Lenders
- Commercial Real Estate Agents & Brokers
- Commercial Real Estate Attorneys & Lawyers
- Commercial Real Estate Photographers
- Commercial Property Tax Consultants
- Commercial Real Estate Appraisers
- Commercial Structural Engineers
- Commercial Property Surveyors
- Commercial Mortgage Brokers
- Commercial Architects
- 1031 Exchange Companies
A commercial property inspection is a detailed check of every part of a commercial property to assess its physical condition. The inspector will look at the whole building, from its foundations to its roof. Not only will the inspector check the structure of the building, they will also look at all of the surfaces and any equipment that’s used within the property.
Full inspections include all internal and external parts of the property. If the building is a rental property, such as a multi-family apartment building, and is open to many other people, the commercial real estate inspector might examine the parking lot or sidewalks as well as the internal structure.
Commercial building inspectors look for any issues in the interior and exterior of the building. They will also look through the proper documents associated with the building to make sure everything is in order. For example, an inspector might examine building plans, past citations, maintenance records or occupancy certificates.
Externally, the inspector might check the parking lot or any notable landscaping features. They will work with roofers or contractors to make sure the roof is secure and they will also examine the building’s foundations. Internally, there are five main systems a commercial property inspection company will check. They include electrical, heating, ventilation and air conditioning, plumbing, and mechanical systems.
During a commercial building inspection, a professional inspector will check all internal and external parts of the building. For warehouses and other industrial buildings, the inspection includes fire safety systems such as the building’s alarms and sprinkler systems.
An inspection will also include electrical testing and mechanical testing. The inspector will check the heating, ventilation, air conditioning and plumbing when applicable. They will also check the building’s foundations and roof as well as its walls, insulation, doors, windows and any other internal or external equipment. Externally, the inspector will check the building’s grounds, including its handrails, parking lots and stairs.
The cost of a commercial property inspection can vary greatly. How much money you’ll spend on the inspection depends on what type of property you own, how large it is and how complex the inspection needs to be. A two-condo rental property is going to cost a lot less to inspect than a large warehouse. But a very generalized estimate is $0.1 per square foot.
The roof inspection can sometimes be the most expensive part of a commercial property inspection. Building inspectors will often have to consult roofing experts or building code inspectors to get a good idea of the roof’s overall health.
When it comes to making a smart real estate investment, you should never skip on the building inspection. If you’re a buyer, getting a pre-purchase inspection will ensure you don’t sink money into a commercial property that’s riddled with problems. A full inspection by a highly rated professional will identify any issues, so you can make an informed decision when making an offer.
A building inspection is also essential if you’re selling a commercial property. The inspection will help you come up with an asking price, and it will point out any problems your property has so that you can fix them before selling. Even if your inspection comes back with the all clear, at least you can rest easy knowing that there are no problems with your property.
Unfortunately, a home inspector can’t inspect commercial properties. Commercial property inspectors require additional training and expertise because commercial property inspections are much more complex.
While home inspections are done by one person and can be completed in just a few hours, commercial property inspections often require a whole team and can take up to a few days to complete.
A ‘phase one’ commercial property inspection is used to determine if there’s a potential environmental risk in the area directly surrounding a property.
The inspector will examine government documents as well as the property and its surrounding area to decide if a more in-depth investigation is required. For example, further investigation would be required if contaminated groundwater is found near where a gas station or auto repair company used to be or currently is.
A Property Condition Assessment (PCA) report is issued during the due diligence process when a commercial property is sold to another party. The report is essentially a valuation of the commercial property that is based on an independent inspection. The inspection will take into account improvements that have been done as well as any equipment and internal and external systems.
In order to get a loan from a lender, an investor will need to request a PCA from the seller. Although a PCA is sometimes completed by one team of commercial building inspectors, most will require multiple teams of specialists.
Property condition report companies will typically partner with a variety of experts to complete a Property Condition Assessment (PCA). A PCA is an in-depth inspection of every external and internal part of a commercial property, so it requires a fully trained team of specialists. Commercial property inspectors might work with mechanical engineers, roofing specialists and electrical engineers, to name a few.