A commercial building is defined as a structure in which business spaces occupy at least 50% of the floor area. Office buildings, retail/restaurants, leisure dwellings, industrial facilities, and healthcare structures are five types of commercial buildings.
Purchasing a commercial property is a significant financial commitment, so a buyer or a portfolio manager will likely arrange a building inspection before finalizing the deal. The evaluation can provide critical information needed to make an informed decision on the asset.
For example, before engaging in a purchase agreement, insurance firms and commercial mortgage-backed security (CMBS) lenders frequently require a commercial building inspection. This is because they want to make sure they get a clearer picture of the risks. Suppose the inspection reveals damage or other problems. In that case, buyers will normally get a letter from the insurer outlining their concerns about the property and a date by which these concerns must be addressed.
Home Owners Associations or HOAs also engage a commercial building engineer to evaluate the property in order to demonstrate their proactive commitment to building upkeep and decrease the danger of special assessments. Many common features, such as walls, ceilings, floors, roofs, interior utilities, and amenities like walkways and parkways, are evaluated during the inspection.
It is important to hire the right professional when engaging in commercial building inspection NJ. An engineer or architect is usually the first choice as these people have comprehensive backgrounds in construction, facilities management, maintenance, and other related fields. But they might demand higher rates for their skills and specific knowledge. A commercial building inspector NJ is a second alternative.
Many building inspection firms offer both home and commercial evaluations. But a commercial inspection is not the same as a home inspection. It is a good idea to pick a company that specializes in commercial inspections and recognizes that commercial properties are a corporate asset, a business cost, and a source of income.
Read more about the different types of buildings that need commercial building inspection in an infographic by Lockatong.