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A Building Condition Survey is a useful tool for investors, property managers,
and individual property owners. The survey helps its user to plan a long-term maintenance program for current building owners, and provides
more detailed information for investors about building's condition.
The
Building Condition Survey is conducted
by a team of engineers that includes a structural engineer and
mechanical/electrical engineer who specialize in conducting such surveys
and are familiar with many common
deficiencies in a variety of types of
buildings.
Building Condition Survey for
Building Owners:
The purpose of the Building Condition Survey for building owners is to evaluate the physical condition of the building in order to plan a long-term maintenance program that addresses the specific needs and condition of the building, and helps the building owner to maintain it in
the proper condition while reducing maintenance costs. The Building Condition Survey lists the deficiencies currently existing in the building and its systems, assesses the life expectancy of the major components of the building, and includes recommendations for future repairs and replacements. Items that
are included in a Building Condition Survey are for example, the building’s structural elements, its finish, its safety compliance with current codes, and an overall view of the building.
It is recommended to conduct a Building Condition Survey on a periodic basis, which usually varies from
three to five years, depending on the use of the building, its structural concept, location, size, and age. In addition, it is recommended
to conduct a Building Condition Survey, if there are issues that require immediate attention, such as cracks or water penetration that might
affect the long-term maintenance program of the building.
Building Condition Survey for Investors:
Conducting a Building Condition Survey before or during the purchasing process of an investment property is essential. Aside from a conditional requirement of lenders to perform such a survey in order to assure the building's proper condition and acceptable maintenance costs during the duration of the mortgage, it is also a negotiation tool for the investor to negotiate the purchase price of the building with the seller, and either reduce the purchasing price of the building, or demand repairs before completion of the building purchase. The cost of conducting a Building Condition Survey is minor
when compared to the building’s purchase cost,
and with regard to all the other expenses that are involved
in the purchasing process.
If you need a Building Condition Survey and are interested to get a quote, please click here and fill out the form for a
Building Condition Survey Quote.
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