By financen | December 8, 2016 - 4:30 pm - Posted in Property

Whether you own property or work as a developer, a building condition survey performed by a licensed engineer is a beneficial exercise. Generally, the information collected will help you decide if purchasing, selling or refinancing is possible. Surveying the building will also help you avoid potential claims and expensive maintenance.Purpose for Conducting This Survey As the name implies, this type of survey assesses the physical conditions of a property. Through different procedures, the purpose is to identify any deficiencies and maintenance issues relate to:

Fire protection
Life safety systems
Soil erosion
Storm water management

Results of the assessment gives you a clear understanding of the property. With this information, you can make an informed decision.The extent of what is covered in the survey varies based on your individual needs for collecting such data. The process normally begins with a visual inspection of the property as it exists. It continues with monitoring and tests of different site systems.How the Survey is ConductedDetails of the condition survey come from a variety of information gathering techniques such as:

Onsite interviews
Reviewing maintenance history and local municipal records
Operating systems tests
Researching building code compliance
Criteria definition of design and performance
Calculations of load capacity

In addition, the survey looks at immediate, mid-term and long-term needs to keep the building in good condition. The obvious benefit of this report is knowing the current and future condition of the property.There are other benefits to help you prepare for potential renovations if you decide to buy. You will also know what it may cost to upgrade some things before putting the property on the market to sell.Alleviate Uncertainty about the Building’s Condition Having a condition survey completed on a piece of property is a useful tool that not only helps you make decisions, but the information is also beneficial for prospective lenders. The final report should help to alleviate any concerns.In fact, both sides – the buyer and seller – will have documented information the clearly defines the property’s condition. Details of the report can either increase or decrease the suggested market value.Before you think this is an expensive undertaking, consider the cost of defending a claim if someone is injured on the property from something that could have been avoided. Your time and costs are minimum for preparing for the survey compared to paying too much for a building.Understanding what is involved with either buying or selling a piece of property can yield long-term benefits.

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