Unraveling Commercial Inspections and Reserve Studies

Whether for an individual or an investment group, purchasing a commercial space can be a risky endeavor. Before making such a purchase, you may want to consider a comprehensive commercial property inspection. Similar to a residential inspection, this entails inspecting the exterior and interior of the building. Additionally, the inspector will look at the mechanical and electrical systems. What makes this type of inspection unique is that experienced inspectors can tailor the scope to fit your needs. Additional components to commercial property inspections that may be important include the following: Americans with Disabilities Act (ADA) assessments, lead-based paint screening, air quality mold screening, and radon testing. At the end, you’ll receive a comprehensive inspection report, including pictures. This inspection is one of the most important things to do before deciding to purchase commercial real estate.

Reserve studies are legally required for condominiums at least every five years, plus an annual review, per two pieces of Virginia legislation: the Condominium Act (55-79.39) and the Property Owners’ Association Act (55514.1).  A knowledgeable and experienced inspector can provide an analysis and spreadsheet detailing immediate needs and projected reserve requirements for periods of 10, 20, or 30 years.

The following areas are inspected as part of a reserve study:

  • Exterior: Grounds, roof, doors, and windows
  • Interior: Rooms, bathrooms, elevators, and stairways
  • Systems: HVAC, electrical, plumbing, and fire suppression
  • Structural Assessment: Examination of all structural components

All associations, regardless of size, can benefit from this service!

Related Posts

Before You Go!