Benefits of a Property Condition Assessment?
Real Estate investors, insurance lenders, and some portfolio lenders routinely order Property Condition Assessments (PCA) or Commercial Building Inspections. A PCA is the review of the current conditions of a real estate property for a valuation or planning exercise.
Understanding existing condition of a property will give investors the confidence to decide to invest or not. The information in a PCA will allow for the development of an opinion of probable cost for remediations or improvements needed.
When assessing properties such as hotels, shopping malls and office buildings, we recommend a document set forth by the American Society of Testing and Materials: ASTM E2018. The 25-page document outlines the minimum levels of observations, due diligence and documentation for an inspection, as well as the preparation of opinions of probable costs to remedy any physical deficiencies found. This ensures the basic information is provided to you and your client to make an educated decision going forward.
Aside from the standards used, arguably the most important aspect to any real estate inspection is who you hire to do the work. Their level of judgment and expertise will be essential to communicate the findings in a useful manner. At CMA we can help you evaluate your facility per ASTM E2018 or the level of detail needed by clients.
For more information, visit us at www.cmapr.com or email us at firstname.lastname@example.org.