Commercial real estate took a big hit in 2020, but the market and prices have recovered.
As an investor, this is good news for you. You can begin your search for the perfect commercial property to add to your investor portfolio.
Grand Rapids, MI, is a thriving business community with talented workers and nationally recognized industries. Still, your commercial property is only as strong as its weakest link. You need to be aware of all the possible problems.
If you don't catch a problem early, you and your company could lose money, time, and employees.
Below, you'll learn everything you need to know about Grand Rapids commercial property inspections.
Importance of Property Inspections
Commercial property inspections are vital for identifying potential issues with the property. You'll be able to assess the overall condition and ensure you are in compliance with local building codes.
An inspection will allow you to fix small problems. Without one, a minor issue could turn into a costly repair.
Property inspections help you be proactive and could save you a lot of money.
Top Factors to Consider
When you're scheduling an inspector, want to ensure they are qualified. Be on the lookout for professionals who have experience in commercial real estate inspections. You should also verify their credentials and qualifications.
A knowledgeable inspector will answer any questions you have about your electrical system, plumbing, and local regulations.
Key Areas: Commercial Building Inspections
There are several areas that you'll want to have inspected.
You should have your commercial property inspector examine the building's structure. If there are any signs of damage to the foundation or basic structure of the building, you'll want to have it fixed right away.
The roof is also an important area. An inspection will assess the roof's condition. This will include missing shingles, wear and tear, cracks, and leaks.
Issues with the roof that go unnoticed could cause extensive damage.
The electrical system should also be a priority for the inspector. The wiring and panels should all be checked for damage to reduce the risk of power outages and fires.
The last thing you want is plumbing and HVAC system issues. Not only will working plumbing and AC keep your employees and tenants comfortable, but it will keep all your equipment safe.
Avoiding Costly Oversights
Unfortunately, an oversight can cost you thousands of dollars. To avoid spending a lot of money on repairs, be sure to hire a qualified professional. You should also keep records of any repairs and inspections.
Your Grand Rapids Commercial Building Inspection Guide
Owning commercial property is a great way to increase your monthly income, but to keep your profits high, you'll need to invest in property inspections.
One inspection before you make the purchase isn't enough. You'll need to have a professional take a look regularly. This will ensure your commercial property is in the best shape possible.
Here at PMI West Michigan, we have over 20 years of experience. Our professionals offer the best Grand Rapids commercial services. Get in touch with us today!