You know what you’re looking for in a commercial property, but do you know what to look out for in order to avoid the potential for expensive repairs? During the process of purchasing a new commercial property, it’s absolutely essential that you exercise due diligence in order to identify areas of concern. Before you assume ownership, and responsibility, you’ll want to know that all structural elements are in sound condition. As the owner of a property, you can potentially be held liable for any lack of compliance or damages to the structure, even those which pre-date your possession of the property.
Spotting Problems with Commercial Pre-Purchase Inspections
A pre-purchase inspection will provide a detailed report of the building status and the associated property. The inspection will verify whether building workmanship and method of construction are within the Australian and industry standards. The report provided by the building inspector can be used as a legal document in the event of any dispute cases between buyer and seller. Reports prepared by a professional building inspection company can also be a very valuable bargaining tool, as they allow you to negotiate a price which better reflects the actual condition of a commercial property. You’d never knowingly pay full price for a commercial property with hidden defects.
In the case of commercial or retail property intended for public access, building construction must comply with health and safety standards as well. So it is doubly important that a pre-purchase inspection be conducted to ensure that all standards are met. Whether you are buying a warehouse, office building, restaurant or retail store, the more you know about the conditions of the property, the better prepared you’ll be. No property will be perfect, but knowing where those imperfections are will not only help you decide a fair purchase offer, it will aid you in planning your maintenance schedule as well.
How Commercial Pre-Purchase Inspections Protect You
With a pre-purchase inspection, both owner and buyer can be made aware of any conditions that must be corrected for the building to meet standards. At that time, the buyer has the option of negotiating price based on these existing conditions, decide not to purchase, or negotiate terms with the seller regarding the needed repairs.
Hiring a licensed professional building inspector gives you an impartial and comprehensive appraisal of the property you intend to buy, a document that will be completed in accordance with Australian Standards. Each component of the structure and property will be inspected thoroughly with a glossary of terms explaining the results.
Your pre-purchase inspection will include:
In addition to the above elements, your building inspector will address any specific concerns you may have about the property you plan to buy. A professional inspection will determine, for example, if power points are located properly in relation to sinks or basins in a commercial structure intended for food service. An experienced professional can also verify there are an adequate number of exits in the structure, proper drainage in areas intended for parking, et cetera.
Avoid the nightmare of being left liable for non-compliance, the expense of unexpected maintenance issues or hidden structural damage. Hire a professional building inspector who can provide you with a complete and balanced assessment of the property you are planning to purchase before submitting an Offer and Acceptance. Know what you’re paying for inside and out, top to bottom, as due diligence before signing a contract may save you thousands of dollars after the sale.
Houspect Building Inspections– Buy, Build, Invest and Sell with Confidence