Are you in the market for commercial real estate? Are you interested in making a purchase, but are unsure if the building or land is worth what the seller is asking?
There are many good reasons to purchase commercial real estate; however, you don't want to make this decision until you know exactly what you are doing.
While some buyers overlook the importance of an inspection, others have come to realize that this is a must.
There are many types of commercial inspections, all of which can help you better understand the condition or a property. Some of the most common include:
-- New construction inspection.
-- Conventional property inspection.
-- Site review.
-- Problem solving inspection.
-- Inspection for landlords or tenants.
You may be interested in one or more of these inspections. For example, a conventional property inspection is critical if you are buying an existing building. This will uncover any problems that exist, such as those with the roof, foundation, plumbing system and electrical system.
It absolutely costs money to have a professional commercial property inspection performed. But remember this: It can actually save you money over the long run. It is better to find out about a problem before buying than after you sign your name on the dotted line.
Many things can go wrong when buying real estate. You can help protect yourself against future trouble by opting for an inspection. If you still run into issues, such as a seller who falsified a disclosure, it may be time to consider your avenues for receiving compensation.
Source: National Property Inspections, "Commercial Building Inspections," accessed Nov. 11, 2015