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Acquiring a new building for your business is a huge investment. Whether you’re buying or selling, it’s important to know as much as possible about the state of the building to increase your chances of a successful transaction.
In this guide, we’ll briefly define commercial buildings before covering the importance of an inspection for your corporate premises, especially if you’re determined to get on the market.
Firstly, what is a commercial building?
In the broadest possible sense, commercial buildings or property typically refers to physical premises accommodating profitable activities. In other words, commercial buildings are dedicated to working.
You might need to apply for planning permission if you’re hoping to buy, sell, or renovate for business. This could come with additional challenges, particularly if it’s a characterful listed building you’re longing to work with.
What is checked in a commercial inspection?
An inspection will evaluate and decide upon the expected lifespan of specific systems, areas, and structural features of the premises, including:
Five major working systems
These include electrics, mechanical functions, heating systems, plumbing, and air conditioning. If these systems aren’t functioning as they should, an inspector will include an estimate of the repair cost in their report.
Building inspectors might use high-tech gadgets to examine the interior. Handheld, non-contact devices including thermal imaging cameras help to speed up the process. These are used to capture detailed images in low-light conditions, perfect for checking the quality of existing insulation and detecting leaks in heating and plumbing systems.
Inspectors will thoroughly check the building’s exterior, including gardens, car parks, roofing, and any other external structural features. Inspectors could rely on the opinions of professional contractors to understand the building’s exterior condition.
Paperwork – including appraisals, citations, permits, evacuation plans, fire safety records, and much more – is a vital part of any commercial inspection. Findings will be written and compiled in a definitive property condition report.
Why you need a Commercial Inspection and Why it is so important?
Any commercial real estate acquisition focuses on return on investment (ROI) and overall value. Getting one done will make sure that you:
- Identify and eliminate any potential health and safety concerns
- Verify and protect the building’s integrity
- Make a list of any necessary maintenance or repairs
Managers primarily want to know how much a building or project will cost and how much money it could be expected to make. If the inspection determines that any major repairs or overhauls are required, it could compromise the final decision of the property management team.
Overall, securing a commercial building inspection promotes safety and transparency, and should considerably increase your chances of a successful transaction. Good luck!