The commercial real estate market in Florida is on fire. In fact, the top 10 commercial real estate sales sold for more than $820 million.
Investors are taking advantage of interest rates hovering near record lows. Major buyers like Amazon are active in Florida. The outlook for commercial real estate remains strong moving in 2021.
Commercial property inspections are one of the most important milestones in the buying process. These inspections have the ability to make or break the transaction.
Read on to learn why you should contract inspections of commercial properties. Explore why you should get a commercial property inspection before making a large investment.
What Are the Benefits of a Commercial Property Inspection?
Envision buying a commercial property and dropping a six-figure down payment. Within the first few months, a roof leak causes extensive water damage. A commercial property inspector is your best defense against this nightmare scenario.
The most obvious benefit of a commercial property inspection is identifying issues. Very few properties are perfect and free of issues.
A trained professional thoroughly inspects the building. They report back on defects and advise you on what needs repair.
Professional inspectors have a trained eye. They identify problems that the average person does not catch. This includes structural or plumbing issues, to name a few examples.
With the inspector’s report in hand, you are empowered during contract negotiations. The seller may not agree to repair the issues identified.
If this is the case, you have several negotiation options. You can walk away from the sale. Also, you can negotiate a lower price based on the fact that repairs are required.
What to Expect With Commercial Property Inspections?
Many people are interested in how detailed a commercial property inspection is. They want to know exactly what the inspector is looking for.
Your inspector takes a look at both the exterior and interior of the building. Major systems such as electrical and plumbing are inspected.
The inspector also evaluates major appliances. Expensive systems like the HVAC are inspected to ensure proper operation.
The building’s structure is a top priority. This includes everything from the foundation to the roof.
The inspector is going to check areas that are difficult to access. This includes crawlspaces, attics, and other spaces. The intent is to ensure there are no leaks, pests, or other concealed issues.
Beyond the building, the inspector reviews other areas pertinent to business operations. Parking lots, garages, and other grounds fall into this category.
Many customers want to know how long an inspection takes. The answer varies depending on the size of the property. A thorough inspection lasts several hours with the potential to go longer.
Commercial Property Inspections: A Recap
A commercial property inspection is critical to starting your business on the right foot. The inspection provides a thorough evaluation of everything in your new building.
Your inspector may uncover a major issue and save you thousands on repairs. They also provide you with invaluable leverage going into negotiations.
If you are looking to contract commercial property inspections, contact us today to schedule an appointment.