Anyone investing in a residential or commercial property takes very calculated and cautious steps as it is not easy to earn money. Making an investment in wrong property can be a disastrous decision as usually, the investment is the earning of the lifetime. When does an investment in a commercial property go wrong? One of the important traits of a bad commercial property is the unsafe and insecure environment. Employees working there in the commercial property must get a safe, comfortable and friendly work environment.
So, inspecting a commercial property for sale several times before the buyer seals a deal is really a wise move. Usually, buildings are thoroughly inspected during and after the construction. Commercial activities begin only when the commercial building is declared fit. However, once the commercial building has been operational for years, the buyer should inspect or hire professionals for inspecting foundations, drainage and everything else inside and outside of the building.
And, every time ownership changes occur, all legal documents should be verified. Here is what the buyer should subject to an inspection in the commercial building he is willing to buy:
All Building Systems
In case the buyer has secured the services of professionals then he can leave this on them. However, if he is doing this on his own then he should inspect every single building system. These systems include heating, electrical, mechanical, plumbing, ventilation and air conditioning systems. The goal of the inspection should be revealing defects, identifying systems requiring replacements, repairs and making sure that all these systems are in their best shapes. Make sure that all sprinkler systems, fire alarms and all other security systems are fully functional. The buyer should ensure that there should be significant provision for fresh air and light. Finally, create a report and estimate the cost to be incurred on the repairs and replacements.
While inspecting the interior, check and evaluate the conditions of floors, walls, bathrooms, offices, kitchen facilities and all other interior elements. The outcome of the inspection is important information such as the amount you will have to fork out in order to renovate the interior and bring everything up-to-date. Make sure that the interior meets all the local building codes and regulations. The interior of the building should not pose any threat to people working there.
Don’t just inspect how the exterior looks. While inspecting the exterior, check roofs, parking facilities, landscaping and all other structures, it is important to determine that building is structurally sound and no repair is required. It is always better to reach out to a construction contractor for inspecting roof and walls and making sure exteriors are built according to the local building code.
Fire Safety Equipment
There should be a fire suppression system, fire safety routes, fire alarms, emergency exits etc. There should be plenty of fire extinguisher wall mounts and brackets. The buyer should assess all fire escapes and sprinkler systems. The entire fire protection systems have to be fully functional.
Surveys, building plans, construction permits, environmental studies, floor plans, maintenance records, citations, evacuation plans and certificates of occupancy are the important documents the buyer should review and obtain from the previous owner. Apart from this, building emergency records including safety system records, inspection reports such as fire door inspection, local code enforcement reports, rent records, utility bills etc are also very important documents the buyer should obtain.
The power supply in a commercial building should be uninterrupted and importantly should be safe. The electrical system should be efficient enough to execute commercial activities in the building.
Heating and Ventilation
Thoroughly assess heating and ventilation systems and ensure compliance with official codes and regulations. Also assess the current conditions of the systems to make sure that heating and ventilation systems are in the best shape. Note down the expected repair cost if any.
Local codes and regulations vary from state to state. Most of the codes and regulations are made and enforced to address geographical and environmental concerns. Non-compliance with these codes and regulations is followed by consequences.
Make sure that employees with some disabilities should be able to access drinking water, toilets and other areas in the commercial building.
Briefing everything here:
- Paving, landscape and other site characteristics inspection
- Heating system inspection
- Vertical Transportation inspection
- Document Reviews inspection
- Roof inspection
- Plumbing system inspection
- AC and ventilation system inspection
- Interior Elements inspection
- Structure inspection
- Electrical and mechanical system inspection
- Essential Safety Measures inspection
If one is interested in buying a commercial property for sale in Orlando Fl, hiring professionals for inspecting the entire building will be of great help. However, if the buyer thinks that he can thoroughly inspect the entire building on his own, this article will definitely help, hopefully. Looking for Homes for sale in Brampton or Toronto, please contact me.