You might find it surprising to learn that the average price per square foot for office spaces is approximately $35. So, a 10,000-square-foot office space would cost around $350,000. The good news is that hefty price tags often come with great potential.
Commercial buildings are amazing real estate investment opportunities, but it's essential to leverage commercial inspection services before making a purchase. Let's break down commercial property inspections in Baton Rouge, LA, and explore the key information you should know.
What Do Inspections Check?
Commercial inspectors will first look at the building's five major systems:
The inspector aims to find underlying issues in these areas. If they locate problems, they can provide an estimate for the cost of repair. Inspectors will also look at fire safety systems and building alarms.
Next, they will look at the building's exterior. For commercial property, this often includes parking lots and landscaping. Roofing and surrounding structures are also areas of concern.
The inspector will assess if commercial building repairs are required. In some cases, they may contact building code inspectors, roofing experts, or general contractors for advice.
The professional you work with will then look at the building's interior. They'll check to ensure these spaces adhere to local building codes.
Inspectors also keep an eye out for safety hazards. Common areas include bathrooms, kitchen spaces, and office areas.
They'll look at the walls and floors in each category. If something isn't up to code, the inspector will make a note of it.
Finally, it's time to check the documentation of the building. Your commercial inspector might review building plans, citations, and appraisals.
They may also look at construction permits, environment studies, and evacuation plans. These records can provide insight into the true cost of building ownership.
The professional you work with will then compile a final Property Condition Report (PCR). This includes personal comments and photo evidence.
What if I Find Problems?
If issues are present, you're left with a few options. You can walk away from the sale entirely and look elsewhere. You could also request that the building owner makes the appropriate repairs.
Depending on the situation, they might not be able to do so. In this case, you could ask that they deduct the cost of repairs from the sale price.
You also have the opportunity to purchase the building as-is and make repairs later. People who wish to complete the sale as soon as possible often choose this option. Just be sure to sufficiently maintain the property.
Finding a Professional
To get the best results, you'll need to work with a high-quality inspector. Research their past reputation and see what other clients have had to say.
You should also ensure they have the proper credentials. Under no circumstances should you work with someone who doesn't have a stellar work history and sufficient licensing.
Never Overlook Commercial Property Inspections
Without the right commercial property inspections, you run the risk of dealing with costly, time-consuming issues. Just be sure to do your due diligence and find the right person to work with. This will help you avoid problems you may have otherwise encountered.
Schedule a consultation today at PMI Integrity Properties. Our property management solutions can ease the burden of commercial building ownership in Baton Rouge, LA.