Buying Industrial Facilities
When Buying Industrial Facilities, Don’t Forget the Inspections
Purchasing an industrial facility is an exciting endeavor for a growing business. A new industrial or commercial property can expand your opportunities and build your revenue. However, if the proper precautions are neglected, a newly acquired building may prove to be an investment too pricey to maintain. For this reason, it’s crucial to have an inspection conducted before buying an industrial facility.
Before purchasing a property, you should always do a walkthrough yourself to take note of any major features or issues that may have not been disclosed by the seller. Ideally visit more than once at different times of day, as this will give you a better picture of the neighborhood and how it may impact your business.
However, don’t just rely on your own instincts. Always hire professionals experienced with commercial or industrial properties to inspect your intended purchase. They will be able to point out potential complications that are harder to see such as trouble with the roofing, wiring or plumbing problems concealed behind walls. By identifying these issues when buying an industrial facility, you can more accurately calculate the cost of maintaining the building.
Types of Inspections
Commercial and industrial properties are often larger and more complex than residential, and may have more complex issues. To get a proper overview of a new facility, it may be necessary to get several different inspections performed. There are a few basic inspections that are important:
Structure and infrastructure: Pests, dry rot, mold and other problems can plague both old and new buildings. The plumbing and electrical systems should also be reviewed.
The roof: A well-maintained roof is key to a building’s overall integrity. Leaks can lead to water damage of both the structure and any equipment inside. Failure to adequately inspect the roof could be a catastrophic mistake! Certainly you don’t want to learn after a purchase, that you have to spend $2 to $10 per square foot to get the roof up to standard.
Construction: A structural engineer can determine whether a building is up to code for industrial or commercial purposes, and evaluate resistance to earthquakes, storms and other local stressors.
By hiring inspectors with specialized expertise, you can ensure when buying an industrial facility that you are fully informed. Don’t try to cut corners by relying on one inspector to be knowledgeable in all areas. For example, always bring in roofing contractors to conduct a roof inspection, as they will be equipped to evaluate the roof’s real condition based on the type of roofing and its age. They will know the differences between built-up, modified bitumen, spray-applied coatings, single-ply membranes and other common industrial roofs.
Know what you’re getting into with a property purchase. To find out more about conducting inspections of the roof and other elements when buying an industrial facility, contact us today at 800-551-5602.