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When looking to buy commercial property, ensuring all the essential inspections are completed is a vital step before making an investment. Not only for financial reasons, but also for health and safety.
Here is an overview of the inspections deemed necessary when purchasing a commercial property.
It is recommended to get a Chartered Surveyor to conduct a comprehensive building survey. This examination includes assessing the property’s condition of the: structure, roof, walls, and identifying any potential defects or necessary repairs.
Mechanical & Electrical Inspection
Hiring specialists to inspect the property’s mechanical and electrical systems is paramount. This can ensure compliance with UK safety standards as well as identifying any issues or outdated equipment that requires attention.
Environmental Site Assessment
Conduct an environmental assessment to detect any contamination issues in areas such as, soil, water, and air quality. These tests are essential in identifying any potential environmental hazards.
Planning & Zoning Compliance
Check that the property complies with local planning permissions and zoning regulations. This will ensure that the property’s intended use aligns with local regulations.
Accessibility & Building Regulations Compliance
It’s imperative to make sure the property complies with Building Regulations and accessibility standards; this includes provisions of the Disability Discrimination Act (DDA). These inspections will help to identify the needed adjustments to remain compliant.
Pet & Hazardous Material Inspection
It is important to get the property evaluated for pet infestations and hazardous materials, like asbestos or lead-based painted. Identifying and addressing these issues are crucial for compliance and tenant safety.
Roof Condition Assessment
A detailed inspection of the roof is necessary to identify any damage or potential issues. Understanding the roof’s condition helps to estimate any repair costs and future maintenance requirements.
Property Valuation & Boundary Survey
Obtain a property valuation and boundary survey to determine the property’s value and precise boundaries. This step ensures you’re paying a fair price and have accurate property dimensions for future reference.
Financial Due Diligence & Lease Review
It’s recommended to review the financial statements and lease agreements associated with the property. This will provide insight into the property’s overall income potential as well as any financial existing financial obligations.
Make sure to consult with insurance experts to assess the property’s insurability and determine the appropriate coverage required to protect against potential risks and liabilities in compliance with UK insurance standards.
In summary, thorough inspections are imperative when buying a commercial property for your long-term finances and for general safety. Using certified professionals to conduct these assessments mean property owners can make well-informed decisions, mitigate risks, ensure the property’s value, and stay compliant with regulations.
We understand that property inspections can be sensitive projects that come with their own risks, so at BPS we are here to assist you in any way we can. Get in touch with our expert team today if you need help carrying out your next property inspection. Alternatively, book a consultation to find out more about our services.