If you’re considering purchasing or leasing commercial property, getting a professional inspection is crucial for understanding exactly what you’re getting into. While factors like location, zoning, permits, and utilities are all important, the physical condition of the building itself will play a huge role in your plans and budget moving forward.
A thorough Commercial Property Inspection provides objective information to help you make an informed decision, protect your investment, and avoid any unwelcome surprises down the road. But not all inspections are created equal. Having a detailed checklist and understanding what to look for can mean the difference between identifying minor issues versus major problems that could derail your plans entirely.
In this post, we’ll explore an ultimate checklist to ensure your Commercial Property Inspection covers all the key areas and helps set your commercial plans up for success.
What to Expect During the Inspection Process
Before we get into the specifics of what to inspect, let’s do a quick overview of what you can generally expect during the inspection process itself:
Inspection Timeframe
The inspection will require several hours to complete thoroughly, often around 4-6 hours for a larger property. Be prepared for it to potentially take an entire business day depending on the size.
Access Requirements
The inspector will need access to all areas of the interior and exterior of the building(s), including the roof. Make sure any locked areas can be accessed ahead of time. Safety precautions also need to be in place for things like roof access.
Utilities Should Be Activated
Make sure all utility services – including water, electric, and heat/HVAC – are activated so systems can be adequately tested during the inspection.
Focus on Safety First
A building that hasn’t been regularly occupied may have some safety hazards – things like exposed wiring, broken rails, wildlife infestation, etc. Your inspector should point out any hazards or areas of concern.
Weigh the Financials Carefully
While the Commercial Property Inspection report shouldn’t be the only factor you consider, it does play an invaluable role in painting a clear picture of potential major expenses after purchase and setting realistic budgets for operation or renovation plans.
Proceeding cautiously and using the due diligence of an extensive inspection checklist will serve you infinitely better than falling in love with a property and learning damaging realities after closing. While any building will have some level of deferred maintenance and updating required immediately or down the road, you want to ensure these inevitable costs don’t overwhelm your plans or finances.
The comprehensive 300-point commercial inspection checklist we’ve covered here will help shed light on the overall condition and help you make a well informed decision about how to move forward. If you keep these key areas of focus in mind when coordinating with your commercial real estate inspector, your resulting report will provide the facts you need to set your upcoming commercial plans up for success.
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