As a potential homeowner, you will typically want to have a property inspector check out your potential residence before you finalize the purchase. The purpose of a home inspection is to check for various potential costly flaws with your future residence, such as structural or major systems issues.
If you are purchasing a commercial property rather than a residential property, should you have an inspection? If the answer is yes, what should your inspector be on the lookout for?
What commercial inspections entail
Commercial inspectors generally review four different components of your commercial building when performing an inspection:
- Building documentation: An inspector will want to take time to review these documents, including building blueprints, surveys, environmental studies, construction permits and building maintenance records, before setting foot on your grounds.
- The exterior portion of the building: Your inspector will look around the outside portion of your building. This will include checking on the state of your roof, landscaping, parking lot and the physical structure itself.
- Your building’s main systems: The inspector should check all building systems, including its structure, roof, heating, ventilation and cooling (HVAC), plumbing, and electrical.
- The building’s interior: The main details that the inspector will be checking for once he enters your future building are your flooring, walls, office spaces and bathrooms. He will want to ensure that there are no apparent safety hazards and that all construction has been performed to code.
All of the factors above, in addition to potential easements or encumbrances, can result in costly repairs that you’re on the hook for covering if you don’t perform due diligence.
Why you shouldn’t skip your inspection
You would typically take time to be deliberate in making any investment decision, and that rule should apply when it comes to purchasing commercial property. Surround yourself with individuals who have experience in performing due diligence on commercial real estate and have a firm grasp on risk avoidance. Let them guide you through your real estate process to ensure your rights are protected.