3 Repair Costs You Might Face When You Buy a Business Building
Buying a new business property may provide you with an extensive range of benefits. From tax advantages and flexibility to make property improvements as desired to the stability of a regular office space payment and more, the benefits can be tremendous.
When purchasing an existing structure that has been used by other businesses, the property understandably will not be in pristine condition.
In fact, through the purchase, you are taking ownership of the property in its current condition.
These are a few of the repair issues that you may be responsible for after buying the property.
Foundation Repairs
While serious foundation issues may be immediately noticeable as you tour a property, a minor issue may not be detectable without a specialized inspection.
A minor foundation issue may be addressed with soil stabilization and other efforts, and such repair work may prevent serious issues from developing.
Keep in mind that serious foundation problems may ultimately impact the structural integrity of the building, property value and more.
HVAC Service and Replacement
Your building understandably needs a quality HVAC system that can produce a comfortable indoor climate reliably.
The age of the equipment as well as how well the previous owner has maintained it can directly impact the equipment’s current condition and its longevity.
Replacing an HVAC system can be expensive, so it makes sense to schedule an HVAC inspection and service before finalizing your purchase plans.
Plumbing Repairs
A general inspection may identify many plumbing issues, such as a minor leak in a visible pipe.
Specialized leak detection equipment may be necessary to identify leaks in the foundations and in areas that are more difficult to see.
For example, thermal imaging may be used to identify leaks that may otherwise go undetected. Some property inspectors use thermal imaging equipment.
You may also request a leak detection and inspection from a licensed plumber. Plumbing issues can result in water waste, water damage and even a serious mold problem.
In addition to ordering a general property inspection, it makes sense to order specialized inspections that may detect these and other serious issues before buying a commercial building.
When you learn as much as is reasonably possible about a building that you are interested in, you can make a more intelligent buying decision.
You may also position your finances so that you can make essential repairs as soon as possible after closing.
Category: Business
