Generally, when a building is five years old, it’s no longer a “new” building. The maintenance and replacement cycles have begun. These cycles will continue for the life of the building.
Building Condition Assessments are typically performed on existing buildings as part of a real estate transaction or as part of an owner’s long-range maintenance planning, and will inform a buyer/owner where they are in the cycle. They can be as simple as identification of current defects, but can also include life expectancies, cost estimates, and depreciation. For large buildings with complex mechanical, electrical, or other systems, Old Line will subcontract with professionals in those fields to provide the owner with a comprehensive expert opinion. Below are some typical conditions where a Condition Assessment is a valuable tool for a buyer/owner:
Pre-purchase Assessment: Before you sign on the dotted line, consider having an expert evaluate the condition of the building you intend to purchase. Knowing the pre-purchase condition of building components gives the buyer valuable information that can influence their bid and also provide them an advantage over other buyers.
Pre-settlement Assessment: After a contract is signed, but before the contract is settled, a Condition Assessment (similar to a home inspection) will create a list of the building’s existing defects. This list can then be used as a negotiating tool with the seller.
Long-Range Planning: As an owner or manager, you need to plan for capital expenditures. A Condition Assessment can detail the age and condition of existing components, anticipated replacement dates, and cost of replacement in future dollars.