Physical real estate inspections are some of the most important steps that you can take during the transaction. They can reveal significant issues and potential problems before you invest your money into the property. Here are some of the different types of inspections you may need to consider and how they can be of help to you.
Visual inspection for potential issues
Your typical visual inspection of a building includes a professional-looking at these parts of the property:
- Building structure
- Heating and cooling
This inspection can help you identify damage on the building, suitability for your purposes and potential issues, like termites or older mechanical systems.
Land surveys for future construction
Land surveys go beyond the visual inspection of the building by inspecting the entire piece of property. It focuses on surveying the land and the boundaries of the property. If you are planning to build or alter buildings, land surveys may clarify how the property will fit those plans.
Accuracy of sale documents
You should also cross-check the sale document’s description of the property to ensure that it lines up with the actual site. Errors or excluded information could be a signal that your seller isn’t being entirely truthful.
Compliance with regulations
Are you using the property for something other than it is currently used for? Regulations will likely be different and you may have to make alterations to the property to ensure that it complies. For example, if you are purchasing an apartment building and will be using it for a business, you may need to make changes to the safety regulations of the building.
Physical inspections are just one part of due diligence, but it is an important one. Used in tandem with financial and legal inspections, due diligence can help you ensure that your transaction will be the right choice for you and your business.