Building reports for commercial properties - are they necessary?

Before purchasing commercial properties, and generally, during the conditional period of making an offer, it's vital to have them professionally inspected for several reasons:

• Identify potential issues: Trained inspectors pinpoint structural, electrical, and plumbing issues, providing a comprehensive report on necessary repairs.

• Determine true value: Inspections help assess the property's true value, considering how issues can impact its worth and return on investment.

• Negotiate adjustments: Armed with the inspection report, buyers can negotiate repairs or a lower price with the seller.

• Protect investment: Commercial property investment is a significant commitment, and inspections prevent costly repairs, ensuring the property's safety and suitability.

In essence, a professional inspection equips buyers with crucial information for informed decision-making in commercial property acquisitions.

Don’t make an offer without a building inspection forming part of the due diligence. Even for new builds.

Interested in more information on commercial property due diligence?

Head here, for our comprehensive commercial property checklist.