If you are a business owner or investor considering the purchase of a property, it only makes sense to find a space that both meets your needs and possesses the qualities necessary for a decent return on the initial investment. One way to ensure you meet these goals is to schedule a professional property assessment that will evaluate the space, the architecture, and the land. Below are some important things to know about property assessments, why they're important, and what can happen when you don't get one.

What They Are

During a property assessment, the assessor will appraise the property from a variety of angles. They will review documents like construction and architecture plans, technical specifications, and maintenance reports. They conduct a site survey that gauges the physical condition of the property, from the integrity of the foundation to the quality of the roofing, from the HVAC system to architectural features. They provide a cost analysis that looks at the financial commitments involved in needed upgrades and which upgrades are the most pressing. Finally, they will write a report on the overall condition of the property, which will detail any unsafe conditions, fire or construction code violations, and what issues need to be considered priorities to avoid substantial cost escalation in the near future.

Benefits

The main benefit of a property assessment is that it tells the buyer or investor whether they are getting a good deal on the space. Essentially, it weighs the pros and cons of the purchase, and if the costs associated with the sale and upgrades to the property make sense when compared to the potential return on your investment. It also helps the buyer/investor understand the range of issues that may be present with a property and what their responsibilities will be once the transaction is completed.

Risks of Not Getting an Assessment

Without a comprehensive property assessment, you run the risk of purchasing a property that has any number of costly issues. These costs could outweigh the benefit of owning or investing in the property. Also, an assessment tells you where the property needs amendments or upgrades to comply with codes, regulations, and laws. Overall, neglecting to get a professional property assessment sacrifices valuable peace of mind that can make the entire process of buying property easier and less stressful.

Jackola Engineering & Architecture, PC, offers property assessments to buyers and investors in the Kalispell, MT, area. Since 1969, they have been a trusted source for architecture, civil engineering, and land surveying solutions. They offer their services for a wide range of industries, including health care institutions, hotels and resorts, and industrial settings. Call (406) 755-3208 or visit their website to schedule a property assessment.