One of the most important things you need to have done when buying a commercial real estate property is to have it inspected by an experienced and qualified commercial real estate property inspector. You want to make sure you know what you’re getting before you buy it. Some properties that look like great deals might really end up being a money pit later on when unseen issues pop up.
Ideally you want a commercial real estate property inspector that is experienced in many different aspects of commercial properties and construction. If an area of concern is found then you should hire a specialist to inspect further and give you an estimate on the repair or replacement cost. This will give you more leverage when you go back to the negotiating table to require that the buyer fix the problem or negotiate a credit or reduction in sales price at closing. Receiving a credit or reduction in sales price at closing is typically the best way to go as it gives the buyer the ability to have a contractor of their choice do the work the way they want it done.
Typical Commercial Real Estate Property Inspection Items
- Structural Issues
- Hazardous Materials such as lead, asbestos, paint
- ADA Compliance
- Fire safety
- Foundation Issues
- Environmental Contamination
- Property Insulation