Getting building condition reports completed when you’re considering purchasing a property is an important step that everyone should take.
Really, building condition reports should be considered as part of your basic due diligence when buying real estate. Property is not a small purchase, after all, it will no doubt be one of the largest purchases you ever make. Getting an assessment completed will help you decide whether or not you should purchase a property and can help to identify any problems that you might have with it.
Building condition reports can be particularly helpful if you think you may need to renovate or repair areas of a property as they will give you an indication of the likely cost. Beyond that, any issues identified during the inspection can also be areas of negotiation with the seller of the property. You might for instance ask them to upgrade or fix certain things or get the price reduced.
How much do they cost?
For most residential homes you’ll probably spend around $500-$600 for building condition reports, if you’re having the commercial property inspected then you might expect to spend more like $1000-$2000. When you think about the value of the property and how much money it could save you, the cost is relatively small. Structural issues can easily cost you thousands and some are required to be rectified to bring buildings to code so incurring the cost of building condition reports is a good idea as they can save you a lot of money.
How do they work?
Inspectors will assess the conditions of your building based on the industrial standards that are in effect for residential and commercial buildings. The inspection will focus on structural issues and take photos and notes of the area. They will go through a document everything, look into repair history, and speak to any relevant maintenance staff to get an overview of the condition of the building. They may also look at anything that requires an upgrade and will identify how much repairs are likely to cost.
What do assessments evaluate?
Building condition reports will look into the overall condition of a building and make recommendations for what needs to be done in the building both short and long term and will also mention the estimated costs. The assessment will focus on evaluating the site and grounds of the building, which includes any pavement, curbs, walking areas, landscaping, walls, fencing, and other exterior features. It will also evaluate the structure, including the foundations and framing of the wall and any floors and roofs as well as structural columns – they will be looking for signs of cracking or leaking. They will also look in detail at roof systems, exteriors, stairs, windows, and doors. Additionally, they will look at mechanical components in your home like your electrical, heating, ventilation, air conditioner, and plumbing systems. They might also have a detailed look at the finishes of your home’s interior and any common areas as well as how compliant the business is overall.
Finally, they will provide detailed written building condition reports which outline what needs to be repaired, replaced, or upgraded. They will also outline how long other elements of the building are set to last and will make recommendations around replacements with estimated costs quoted.
Getting a professional assessment is a very important choice and could save you a lot of money and hassle down the line by giving you a detailed overview of the building and any current or future issues which might arise or impact your decision to purchase the property.