Inspection or Appraisal

Appraisals vs Inspection
All too often buyers confuse the role the appraiser with that of the Commercial Inspector, and when the difference is discovered it is too late, you have already purchased the property. Average appraisal time is the building is relatively brief, taking a few photos, measurements and leaving, verses the inspector who spends hours or even days there (depending on the building).

Appraisals are for lenders; Commercial Inspections are for buyers.
The lender does an appraisal for three reasons:
- to estimate the value of a property
- to make sure that the building meets minimum property standards
- to make sure that the property is marketable

Appraisals are not Inspections.

Why a Buyer Needs a Commercial Inspection
An Inspection gives the buyer more detailed information than an appraisal,
this is valuable information you need to make a wise decision.
During the Commercial Inspection, a qualified Inspector takes an in-depth,
unbiased look at your potential purchase to:
- evaluate the physical condition of the: structure, construction, and mechanical systems
- identify items that need to be repaired or replaced
- estimate the remaining useful life of the major systems, equipment, structure and finishes.

What Goes into a Commercial Inspection
An Inspection gives the buyer an impartial, physical evaluation of the overall condition of the building and identifies areas that need to be repaired. The inspection gives a detailed report on the condition of the structural components, exterior, roofing, plumbing, electrical, heating, insulation and ventilation, air conditioning, and interiors.

Be an Informed Buyer
It is your responsibility to be an informed buyer.
Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new property with a qualified Commercial Inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the purchase of the property is contingent on the Inspection.

An appraisal is not a substitute for a Home Inspection by a qualified home inspector.