Test Tips and Tools For Commercial Investment Property
When you inspect a commercial, retail or industrial property, it is the physical areas of the property that ought to be well explored and documented. These matters below are some of the key issues for you to review before you complete the property listing or promotion.
Tenant concurrence to physical building use: The tenants to a building may be obliged to undertake concurrence to the greatest they use the building. Such matters will be detailed in the hire. You should investigate leases in this regard to spot these things.
Antennas and aerials: Some buildings feature communication antennas and aerials. In the first instance these should have been approved by the landlord and in some circumstances the local planning authority. The antenna or aerial installation will have been made on the approved structures with supporting plans and documentation together also with access rules and risk signage to prevent people in the neighborhood being exposed to radio frequency radiation. You must know that these things have been correctly handled.
Asbestos: Extremely common knowledge that asbestos is a hazardous building material that still exists in buildings constructed prior to 1990. From the period onwards, it was largely avoided and disallowed as a construction material in most buildings. house property survey Originally it was used as an insulating material material in areas including electrical switchboards and also on the cross-bow supports and copy of the building structure as a fire resistant material. It is therefore quite possible that you’re going to sell or hire a building in which asbestos is still located. Locally or city there will be legislation rules and regulations that connect with the existence of asbestos. It is necessary that you get information from the building owner respect concurrence to Legislation in this regard.
Asset replacement value: With commercial real estate properties, extremely common for regular valuations to be undertaken by the building owner for insurance purposes respect asset replacement. This type of valuation would be applicable in the event of a fire or building disaster. You can also get building replacement values from information sheets given by local quantity surveyors. You can usually obtain these on the web. Prominently the construction costs and replacement value need to be applicable to your location given the costs of sourcing the construction materials and the work.
Building Code Concurrence: When buildings are first constructed they are done so to the current building code. As time moves along the building code changes and it is sometimes necessary for existing buildings to be upgraded to current code. An illustration of this this is the need for inept access to buildings and internal inept facilities. When you inspect and list a building you should identify if these is aware of under the building code currently exist. A note of caution here; when a building is put through a major refurbishment, the planning authority may regard the refurbishment activity as a trigger for a code concurrence upgrade. This can be a large cost. A quantity surveyor is the best person to consult on costs of this nature.
Floor and site surveys: When working with investment properties it is the internal lettable space that is of prime importance to the generation of rental and occupancy. All the leases for the tenants will be for this survey plans and the net lettable area therein. For this reason you should ask to see the survey plans for the building and the lettable space. You must know that they are accurate and up to date at the time of sale or hire. Part of this process is to inspect the property with the plans so that you can identify any errors. In all cases of error or nervous about the plans you should get a building surveyor to give assistance and guidance.
As Built Paintings: Every building has a couple of plans that were approved for the building to be constructed. They are a great source of information and cover, structural, hydraulic, electrical, mechanical, and lighting themes. They are an excellent source of information on which you can base your procurment strategies.
Building mortgage approvals and permits: Does the building still comply with the original building permit issued by the building authority? Most particularly does the use of the property still comply with the approval as granted? It pays to get a copy of the current building approval when possible because a wise new buyer or tenant will want to notice.
BMU: This stands for the ‘building maintenance unit’ and is likely to exist in variable level buildings. The BMU is the device that hangs over the side of the building to clean the exterior and the windows at different times of the year. Prominently the BMU has to be safety compliant and also approved for use. When you know that the building has a BMU, it is wise to inquire about its use and mortgage approvals.
Certificates of Occupancy: When a building is first constructed it is checked and certified for occupancy. The certificate of occupancy is granted by the local building approval authority. From that point onward the occupancy of the building must comply with the approval guidelines. It will be possible that the certificate of occupancy can be withdrawn at any time if the building is deemed dangerous or has been damaged. It is therefore something that you would question if doubts about the building exist. In such circumstances get a copy of the certificate of occupancy.
