Investing in commercial real estate requires sound judgement, and that includes asking the opinion of qualified commercial building inspectors before you commit to buying. Without the knowledgeable eye of a certified commercial building inspector, you could easily overlook critical problems with the property you are considering.
Here are five specific reasons why hiring a certified Atlanta commercial building inspector could be an important first step for ensuring the viability of your commercial real estate investment:
- Avoid Making a Bad Deal
The most direct reason to request a commercial building inspection from a licensed professional is that without them you could easily overlook a glaring fault with a property.
Do not make this mistake. Some nearly brand-new commercial buildings look beautiful but conceal costly problems like an uneven foundation that can come back to haunt you years later. Have every inch of the building checked out before you commit to buy so that you and your co-investors can know exactly what you are getting.
- Ensure Compliance
New building owners recommend:
- An EPA Phase 1 environmental site assessment
- Fire code sprinkler and safety inspection
- State, federal and municipal regulations compliance
Unless you had a commercial building inspector look for problems beforehand, you will “inherit” these issues as the new property owner. Bureaucrats will come down at you from all sides to resolve the hazards, no matter how much it costs. Know what it will take to get the building in compliance so you can weigh that into your purchase decision.
- Avoid Liability
Even if you somehow avoided getting caught for owning a building out of regulation, the problems you will be ignoring present a huge risk. A faulty fire sprinkler system could be the cause of serious injury or even death to your tenants, for example.
Incidents like these can not only incur costly liability or even criminal charges, but you may also end up feeling responsible for directly hurting someone in your community. Prevent this guilt and anguish by exercising due diligence in advance with a commercial building inspection.
- Evaluate Your Renovation Plans
Many commercial property investors have big dreams for the site they are purchasing. Perhaps they want to convert an old warehouse into lofts, or maybe they want to add a second story balcony to a retail center.
A commercial site inspector can listen to these plans and determine their feasibility when they walk through the site. Finding out that a planned site renovation will be expensive can help investors decide if they still want to purchase.
- Prepare for Your Investment Costs
Once a person has committed to buying a commercial real estate property, they will have to continually invest in upkeep. Part of a commercial building inspection is evaluating the lifespan of different systems like the roof, siding and mechanical components like the industrial HVAC.
Getting an opinion on these systems allows investors to budget their resources so they can plan ahead for needed upkeep. This budget also helps them determine how much rent they will charge tenants in order to cover their overhead.
As you can see, a commercial property inspection plays a huge role in examining the financial and logical angles of a commercial real estate investment. Do not make the mistake of rushing headfirst into a property purchase without arming yourself with the knowledge an inspection report provides.
Champia has a highly-qualified team of Atlanta commercial building inspectors with credentials ranging from engineers to architects. We provide 24/7 services and our turnaround for inspection reports is within four business days. Let us be a part of your team and help you make the best purchase possible. Visit our commercial building inspections page to learn more.