Did you know that the value of the commercial real estate is down by 6% compared to last year? This is not a huge surprise as many companies transitioned to remote work due to COVID-19.
However, even though the value has gone down on average, there are ways for property owners to bring that value back up. One sure way to do so is by completing regular commercial building inspections.
Read on to learn the five benefits of the inspection process.
1. Employee Protection
Commercial building inspections are essential to the protection of you and your employees. When your property is secure, your employees will be too.
An inspection could show the need for commercial building maintenance. A small plumbing or electrical issue that is found needs to be fixed right away to avoid major issues down the line.
2. Document Property Condition
When you regularly opt for building maintenance, you most likely have a property in good condition. However, there is a chance that underlying issues may show up.
Without a property inspection, these issues will stay a secret until it’s too late to get them fixed. A regular inspection completed by a professional will include a document of the property’s condition.
Not only will it find any building problems, but it can also protect you from any legal issues. When you own a commercial property, you have a right to document lease violations and more to keep you within legal grounds.
3. Investment Protection
All forms of real estate are major investments that need to be taken care of throughout their lifespan. This includes implementing commercial building repairs when necessary.
You may have completed an initial inspection before purchasing the building, but that doesn’t mean the inspections should be over. Completing annual inspections can catch any problems before they become major ones.
For example, a missing shingle on a roof is not usually a big deal unless you don’t get it fixed and allow damage to keep occurring. This post explains more about commercial roof problems and replacement.
4. Simplify Insurance Claims
When filing an insurance claim, documentation is needed to prove that certain incidents were not preventable. Without regular commercial property inspections, you won’t have the documentation needed to establish this.
However, when you do have a property condition document, the insurance claim process is simplified. Just another way regular inspections can protect you financially and legally.
5. Negotiation Leverage
If you are buying or selling a commercial property, having regular inspections done can give you leverage during the negotiation process. When you know all of the information possible about your property, you have a better chance of getting the value you want from it.
Start Completing Regular Commercial Building Inspections
Regular commercial building inspections can help with the real estate and maintenance side of owning a commercial property. When you neglect to complete these inspections, your property may be at risk.
If you want to avoid harming employees and legal issues while protecting your investment, you need commercial building inspections. Don’t wait any longer, hire a professional inspector now.
For more business and real estate news, among other topics, check out the other posts on our blog.