Buying property is an exciting endeavor! Whether it’s a first home or commercial property for a business looking to expand its footprint of stores, a thorough evaluation before making a purchase is crucial.
Would you buy a car without testing it out?
Would you hire someone for your team without conducting an interview?
The answer to both of these questions is likely no. The same holds true for an investment as great as buying property.
Why are building evaluations so important?
A comprehensive evaluation provides prospective buyers an understanding of the property’s condition, allowing them to make more informed decisions.
A building could look sound and strong from the outside, but what happens once you do a thorough inspection of the foundation, roof, and other crucial parts of the structure?
Failure to conduct a proper building assessment could result in repair costs for hidden damages, structural issues, and even worse, potential danger to public safety.
Additionally, most insurance companies and lenders require proper evaluations before providing coverage or financing. This ensures that the property is sound and that the lender’s investment is not at risk.
Understanding building evaluations
These assessments typically take place during the due diligence period of a real estate transaction. This refers to the period after a buyer and seller have reached a preliminary agreement on the terms of the sale, but before the sale is finalized. At this time, the buyer has the opportunity to conduct inspections, review documents, and assess the property’s condition.
Structural and civil engineering assessments will check the following as part of the property evaluation:
- The integrity, strength, safety, and viability of structures and its components
- Safety regulation and building code compliance
- Various systems such as mechanical, electrical, and plumbing
- Settlement
- The structural impact from external impact such as trees, vehicles, etc.
- Flooding, leaking, and moisture issues
- Deferred maintenance
- Structural overloading
The benefits to a comprehensive building evaluation include:
Assessing and Understanding Structural Integrity
Tenants will be kept safe and avoid potential safety hazards, as a thorough building evaluation will identify any structural issues, defects, or potential risks. Things such as foundation issues, roof leaks, mold/moisture problems or damages to crucial structural components might not be immediately visible to the buyer.
Estimating Building Costs More Accurately
Evaluations will provide buyers a better understanding of necessary renovation and repair costs ultimately saving money in the long term because costly surprises will be avoided. These estimates are crucial when it comes to budgeting and determining if the price of the property and actual value align.
Negotiating power in the purchasing process
A thorough understanding of a building will arm buyers with intel to negotiate more effectively, as being aware of issues and the potential need for renovations could impact a reduction in the property’s final price.
Meeting legal and safety requirements
Building evaluations will avoid buyers having to deal with legal issues, fines, or delays related to building codes and other legal requirements. At an inspection, any violations can be identified and then managed accordingly.
Future planning and peace of mind
Identifying issues early on will allow for proper planning and mitigating potential future risks. An evaluation offers a thorough understanding of the longevity of the property and its systems, giving buyers the confidence of knowing the exact conditioning of their investment.
Why Work With Professionals For Your Building Evaluation
It’s advisable to work with structural or civil engineers to conduct your building evaluations because they are professionally trained and have extensive knowledge and experience assessing various types of properties.
A professional will be thorough, using specialized tools and equipment to uncover any potential issues. As part of their expertise, engineers will also be familiar with local building codes, safety regulations, and industry standards. These professionals will offer unbiased and detailed information that buyers will be able to use to make informed decisions.
To maximize the effectiveness of the evaluation process, it’s suggested to attend the evaluation whenever possible, ask questions and seek clarification during the process, and use results for informed decision-making.
Partner With Connolly Engineering On Your Future Building Evaluations
If you’re on the brink of making the major financial investment to purchase a property, get total peace of mind working with an engineering team with decades of expertise, unparalleled knowledge, and a commitment to comprehensive evaluations.
This team is Connolly Engineering, a renowned civil and structural engineering firm that offers comprehensive property evaluation services in the New York City and Hudson Valley areas. Their team will provide the information you need to make informed decisions about your potential property investment.
Get in touch with us here and let’s schedule a complimentary phone consultation to discuss your property evaluation needs.