Many people don’t realize that home inspections are very different from commercial property inspections. Therefore, to differentiate the two, the term Property Condition Assessment, or simply known as PCA, was created.
Today we’re going to take you through the basics of PCAs: what it means and why they are beneficial. By the end of this post, we’re sure you won’t have any more questions.
If you’re looking to purchase a commercial property, you’ll want to keep reading. But if you need a basic home inspection then take a look here.
What Are Property Condition Assessments?
For starters, a PCA is the inspection of commercial, mixed-use or large residential properties and has different aspects from a common residential inspection.
Although they are different from residential inspections, the objective remains similar: to identify deficiencies of a property.
Why Get a Property Condition Assessment?
A PCA can be helpful when purchasing commercial properties or to assess the state of a commercial property: acting as a sort of checkup for your valuation or planning exercises.
So, what are all the benefits of a PCA? Here are our top four.
1. Identify Physical Issues
A thorough PCA will list all of the problems, big and small, with a commercial property.
While you may believe that buildings require little maintenance, this is simply not true.
A lot of times buildings do not receive proper upkeep. And this results in poor condition. Large commercial properties require constant maintenance. So a good PCA will be a huge help in deciding which properties are worth your time and money to buy.
2. Optimize Tax Returns
Depending on your building, you may be subject to various deductibles in different categories. Talk with one of our experts to learn more about how you can maximize your tax return and put that money back into your business!
3. Educate Yourself About the Property
PCAs are no joke. The reports are very thorough, and it is nearly impossible to walk away from this assessment without learning at least a few things about your building.
Your PCA will allow you to better understand the technical functions of your property and help you make better informed purchasing decisions. With this information, you can accurately evaluate the risks associated with this particular property.
4. Estimation of Costs
With our thorough PCA, you will have a more clear idea of what amount of money you’ll need to have in order to fix all of the issues found. It will also help you calculate the returns you are expecting to gain from the property itself.
A PCA will give you all the answers when purchasing a property, especially to the main two questions “what are all the problems?” and “how much will it cost to fix?”
Both a PCA and an inspection are two very important aspects of purchasing a large property. So you want to make sure you find a highly qualified professional, like our team at Chicago Building Inspections, and follow up with the report afterwards. In doing so, you will optimize your PCA and give yourself the upper hand.
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