Should You Get A Property Condition Assessment?
People looking to buy property will often get a property condition assessment done so that they can be aware of any potential problems before it's too late. People that sell property will also get an assessment done so they can fix any problems before putting the property on the market. If you are not considering selling your property or purchasing another, you may wonder how a property condition assessment could be beneficial to you right now. However, property condition assessments can make your life easier, even if you are only maintaining a property for the time being.
Keep Your Employees or Renters Safe
If you own a business or have renters living in your building, you want them to be as safe as possible. If the building is very old, the structure could possibly become dangerous to inhabit if materials start to wear down. Mold in the building could affect air quality. If the electrical system is old or damaged in some way, you could have a fire hazard on your hands. If your property does not adhere to current fire codes, someone could be trapped in the event of a fire. A property condition assessment will make you aware of these and many other potential dangers so that you can ensure the safety of the people you're responsible for.
Protect Yourself
If any of the above scenarios occur and someone gets hurt, you could find yourself facing a lawsuit. As manager of the property, you need to be aware of its current status. If people get injured over an issue you should have known about and fixed, you will very likely be held liable in court. Even if no one is injured, if your property isn't up to ADA codes, a person with disabilities could sue you for not having access to your business. A property condition assessment will report what you need to fix so that you can be legally protected should an accident occur.
Save Money
Air conditioning, heating, plumbing, and electrical systems can be expensive repairs. A plumbing malfunction could cause flooding, damaging other items or parts of the building. Electrical system problems could cause fires, which will surely destroy other things. Maintenance on these systems will be much cheaper in the long run than repairs from damage. A property condition assessment consultant will inspect these systems and report any problems that you can take care of now instead of waiting until it becomes extremely expensive.
Build Trust with Future Buyers
Though you're not selling your property now, you may want to do so in the future. If you have gotten property condition assessments over the years, you will have the reports ready to show the prospective buyers as well as paperwork showing that you got the needed repairs and updates done. This will increase the buyers' confidence, making them more likely to put an offer on your property since they know it has been well cared for.
Even when you don't plan to sell your property in the near future, an assessment of your property will benefit you. Contact a property condition assessment consultant in your area to get started.