Commercial property investment is different than residential property because it’s often on a much larger scale and must meet stricter requirements. A commercial building is not an investment that one should quickly make after a brief viewing. In this article, we’ll discuss what to look for in a commercial property building before you decide to purchase it.
Location, location, location, is a phrase we often hear from real estate agents because it’s absolutely correct. The location of the commercial property building you’re considering is everything. If a building is great but the location makes no sense for your type of business, then it’s not the one for you.
After location, it’s time to examine the condition of the interior of the building. Here’s a list of things to look for in the interior. We highly recommend you have a professional commercial building inspector along to do so:
- Plumbing system: It must meet codes and be in working order.
- Electrical: Just as plumbing, it must meet codes and work safely. Rewiring is necessary if the wiring no longer meets today’s standards.
- HVAC: Hopefully, it’s been well-maintained. If not, a new system is worth the savings in the long run.
- Fire alarms: Required in commercial buildings and must be in working condition.
- Sprinkler systems: Often required and require testing to make sure they work.
The exterior needs inspecting as well, as the exterior of a commercial building should be attractive if it’s meant to attract customers. Beyond how it looks, there are a few areas to inspect for health and safety:
- Drainage system: Even if a property isn’t in a flood zone, it needs a proper drainage system to protect the interior from flooding, as well as to protect the exterior landscaping, grass, and the building itself. If the drainage system needs updating or simply doesn’t exist and the building needs an entire commercial drainage system, seek a professional to understand your drainage system options.
- Parking: Is parking adequate, or will you need more? Is there a parking garage, and what kind of condition is it in?
- Landscaping: Landscaping is an easy fix, but it’s important to take a close look to see what you’re working with.
- Roofing: Have the roof thoroughly inspected by a commercial roofing company in Cincinnati, so if any repairs are needed, they are taken care of before the next rainfall.
When considering what to look for in a commercial property building, keep in mind the building’s location and the condition of the interior and exterior of the building. Always work with a professional commercial building inspector for the best results.