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If you're in the process of purchasing a piece of commercial property, it's crucial that you take full advantage of the opportunity to conduct your own due diligence. You need to know what you're purchasing before you agree to the transaction. One way to do that is to insist on an inspection prior to purchase. Before you've decided to sign off on the property without inspections, you need to take a moment to reconsider. The inspection period allows you to take a closer look at the property you're about to purchase, especially if you opt for a property condition assessment. A property condition assessment will provide you with the information you need to make an informed decision about your investment. Here are just four of the many reasons why a property condition assessment is in your best interest.
Gain Insight Into the Property's Actual Condition
When you conducted your walk-thru prior to purchase, everything may have looked great—on the surface. Unfortunately, it's what lies beneath the surface that can have the most impact on the purchase of commercial property, which is where the property condition assessment comes into the picture. During the property condition assessment, every component of the property will be subjected to a detailed inspection, including the maintenance records. Once the report is complete, you'll have documentation of any defects that may exist.
Identify the Cost of Rehabilitation
During a typical inspection, you may receive documentation of a building's defects. However, that may leave you to fend for yourself when trying to determine the cost of those repairs. Unfortunately, rehabilitating a defective property can be quite costly, especially when the defects are extensive. One way to avoid a case of sticker shock is to insist on a property condition assessment. In addition to providing you with a detailed list of defects, it will also identify the costs associated with the repair and rehabilitation of the property.
Get a Leg Up on the Negotiations
When it comes to purchasing a piece of commercial property, you want to make sure that you have all the information you'll need for the negotiations. Unfortunately, if you haven't received a property condition assessment, you may be at a serious disadvantage where the negotiations ar are concerned. However, once you have the property assessment, you can use the results to your advantage during those vital negotiations.
Understand Potential Liability
Finally, now that you're in the market for commercial property, you want to avoid purchasing someone else's headache, especially where liability issues are concerned. To make sure that you're not purchasing a property where potential liabilities exist, you need to start with a property condition assessment. This assessment will identify any potential liabilities that will need to be addressed.Share