We have all heard of home inspectors, but the same services are usually necessary for commercial properties, as well. Typically, a commercial property inspector will be an engineer or someone with more training and experience than the average home inspector. That is because there is such a wide variety of commercial properties, and such a huge range of defects and problems, that more knowledge and skill is necessary for them. For buyers, the inspector discovers property defects that could affect the buying decision, or at least the offering price.
Sellers can benefit from an inspection because it usually alerts them to relatively minor problems that can be fixed inexpensively. Afterward, the seller can obtain an updated - clean - inspection report. That always provides a high degree of comfort for potential buyers, and helps reinforce the asking price of the property. The American Society of Home Inspectors offers consumer guides, virtual inspections, and directories. I could find nothing similar for commercial inspectors. A local engineer or the construction-permitting department of your community might be able to offer you guidance and some names.
A building with evidence of settling - cracks in the exterior or interior walls or gaps between the building and sidewalks or steps - should be checked out by a structural engineer. You want to know if it has typical minor settling associated with age, if you have construction weaknesses, or if sinkholes are developing beneath the building. An engineer can also advise you regarding relatively easy ways to solve water problems that might be depressing the value of a property.
If you plan to develop property as an investment, the engineer will advise you regarding environmental requirements for storm water runoff. Installation of a storm sewer system, or construction of a retention pond, injection well, artificial wetlands, or such, could change the economics of your project. Lenders for development projects will require that you provide a Phase I Environmental Report, available from a licensed engineer.
It discloses the likelihood of any hazardous waste on the property, based on the historical uses of the property and interviews with knowledgeable people. The American Society of Civil Engineers' website has additional information and resources for you.
Real estate consulting is becoming a more established and respected profession. A real estate consultant can give you a terrific general education regarding tax advantages to investing, hot markets in your community, local lender attitudes to various investments, and good ratios or rules of thumb to use when creating your financial projections. Some consultants charge by the hour, and others by the job. As with any professional, have a clear agreement regarding what services you will receive, which services are not covered by the agreement, and what it will cost.
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