Property & Building Condition Assessment
Industrial – Commercial – Multi-unit Apartment Buildings
- Performed by a Professional Engineer
- Based on the ASTM E-2018-08 standard
- Multi-unit apartment buildings
- Industrial properties
- Commercial properties
- Shopping centres
- Hotels and motels
- Office buildings
An audit of the building condition, which outlines the development of efficient, reliable and affordable methods for current and future repairs, is mandatory for keeping a building in adequate condition. This allows property owners to plan their budget.
The Building Condition Assessment scope includes the following items:
- Structural and foundation condition survey of the exposed elements
- Exterior walls
- Common hallways and stairwells
- Sample units (apartment buildings)
- Underground parking garage (when applicable)
- Plumbing systems
- Electrical systems
- Mechanical systems
- Site components
- Infrared thermal imaging (optional)
The Assessment Report includes:
- Photograph documentation
- Assessment of the property's interior and exterior conditions, systems and components
- Suggested remedies for physical deficiencies (optional)
- Probable cost to remedy physical deficiencies (optional)
Building Condition Survey for Investors:
Conducting a Building Condition Survey before or during the purchasing process of an investment property is essential. The survey is a conditional requirement of lenders in order to assure the building's proper condition within acceptable maintenance costs during the duration of the mortgage. It is also a tool for investors to negotiate the price of the building with the seller; reducing the price of the building, or demanding repairs before the building purchase is complete. The cost of conducting a Building Condition Survey is minor compared to the cost of the building's purchase, and any other expenses that are involved in the purchasing process.
Building Condition Survey for Building Owners:
The purpose of the Building Condition Survey is for building owners to evaluate the physical condition of the building for long-term maintenance. A long-term maintenance program 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 any deficiencies currently existing in the building and its systems, assesses the life expectancy of major components of the building, and suggests recommendations for future repairs and replacements. Items that are included in a Building Condition Assessment 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 that a Building Condition Survey is conducted on a periodic basis; usually every three to five years. The frequency of the survey depends on the use of the building, its structural concept, location, size, and age. In addition, it is recommended to conduct a Property Condition Assessment, 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.
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