What is a Commercial Property Inspection?
As mentioned above, a commercial property inspection evaluates the property’s true value, state, and necessary repairs. It’s traditionally carried out at the request of portfolio managers, who own and offer a wide range of similar assets for financial gain.
Thus, they’re typically interested in answering only two questions:
- How much will it cost to purchase and repair this property?
- How big of a return on investment (ROI) can I expect?
And to answer them, they need to know the current state of 5 property aspects:
- Roofing
- Structural Integrity
- Electrical
- Plumbing
- Heating, Ventilation, and Cooling (HVAC)
By establishing the lifespan of each aspect and utility, real-estate managers can get a better understanding of the hidden costs they will have to put up with on top of the property price tag before they can start making a profit.
This includes things like repairs, utility upgrades, and so on.