New York is one of the most expensive real estate markets in the USA and has the highest construction costs globally. So, if you're considering buying a commercial property in this city, you must ensure you're getting your money's worth.
Likewise, if you're lucky enough to own a commercial building in this city, you need to make sure it maintains or improves its value over time.
Property inspections are useful in both instances. Find out why property inspections are so important for NYC investors.
Types of Property Inspections
A commercial building inspection aims to identify any shortfalls with a commercial property. There are three instances where commercial building inspections should take place:
Initial Building Inspection
A qualified and licensed commercial building inspector carries out these inspections on behalf of the property developer. They're a legal requirement to ensure the building complies with the NYC building code.
These inspectors check things, like:
- Structural integrity
- ADA compliance
- Energy efficiency
- Plumbing systems
- Electrical components
- Safety features
Commercial building inspectors will also check all the documentation related to the property. This includes planning applications, environmental studies, and surveys.
All buildings must meet the requirements before occupation.
Commercial Property Inspections for Investors
These commercial evaluations occur when an investor is considering buying a building. Their purpose is to answer two questions:
- How much will it cost to buy and refurbish the property?
- What type of ROI can I expect if I purchase it?
To discover the answers to these questions, an inspector evaluates the condition of the building and the cost of necessary repairs to determine its true value.
Routine Property Inspections
Routine property inspections take place once a year or at intervals agreed to by the landlord and tenant. These inspections focus on lease compliance and assessing the condition of the building.
A property manager typically carries out these inspections on behalf of the landlord. They use a checklist to determine whether the building needs routine or preventive maintenance.
In some cases, the property manager may enlist the services of professionals to inspect the roof, electrical, and plumbing fixtures at the same time. Timely inspections and maintenance help preserve the value of commercial buildings and ensure the safety of your tenants.
Who Carries out Building Inspections?
An experienced property manager may carry out routine inspections. You'll need expert help with the other types of inspections.
Several different types of building inspectors and surveyors can assist you with your commercial property. For instance, you may hire an experienced industrial building surveyor if the building is a factory.
These professionals may also recommend that you consult other qualified experts depending on any issues they notice.
A structural engineer can assist with evaluating the condition of a run-down building, while an architect can help determine if a commercial building is fit for its intended purpose.
Get the Guidance You Need for Property Inspections
PMI Paramount is backed by 20 years of experience in property management. We offer a range of services to cater to residential as well as commercial landlords.
You can count on us to conduct regular property inspections to preserve the value of your investment and ensure you meet your obligations to your tenants. Explore how we can help you today.
