Archive for January, 2015

Commercial Property Inspections: What to Expect When They’re Inspecting

Posted on: January 29th, 2015 | No Comments

Commercial property inspections in process.Commercial property inspections typically occur during the closing of a sale, just as home inspections do, when a buyer may require an assessment prior to completing the deal. After all, whether you are investing in a movie theater, office building, or strip mall, you want to be sure that your investment is sound from floor to ceiling and that the materials and air is free from harmful pollutants. Sellers should want to ensure commercial property inspections are done, too because the prior occupants or patrons of the building may have been affected. Not to mention that until the real estate changes hands, it is the seller’s investment to protect.

 

You might be more familiar with a home inspection which includes aspects like foundation, electrical, roofing and plumbing – all of which are still part of commercial property inspections. What factors differ in commercial property inspections? Two additional inspection areas include parking and fire safety (exits, stairwells, sprinklers, etc.). But, there may be more areas to have inspected: elevators, furnaces, pools, carpets (for bedbugs), etc.

 

Inspectors may hire additional experts for commercial property inspections that have unique needs or needs that cannot be covered without expertise, such as contractors or electrical engineers.

 

Commercial property inspections also involve a review of documents concerning building history, permits, environmental studies, floor and construction plans, maintenance, citations, appraisals, and certificates of occupancy (when applicable).

 

In the end, a property’s overall condition is determined. It may be necessary to make costly repairs or do nothing at all. Commercial property inspections produce a report with all of the findings, so all parties are aware of the condition prior to selling your home. In some cases, the seller is required to pay for the necessary changes first. In others, a discount on the purchase price of the estate is given to the buyer in the amount of the cost of repair so the buyer can handle the repairs at no further cost.

 

If you are in the process of a buying or selling a property, Inspect-It 1st! An agent can meet with you face to face to address any specific concerns you have as a buyer, seller, or even current owner seeking commercial property inspections. Inspectors are skilled at dealing with large structures in which multiple party communication is essential. That way, everything goes smoothly, concerns are laid to rest, and the property can continue to thrive, no matter what the next chapter may be!

Hazard Insurance FAQs

Posted on: January 21st, 2015 | No Comments

Hazard insurance needed for a burning home.When unforeseen natural disasters and events wreak havoc on your home, hazard insurance may help repair the house and recuperate other losses. That way, you can help your family find peace and safety once again.

  • What is Hazard Insurance?

Specific natural hazards, which can potentially damage or destroy your home, are covered by varying forms of hazard insurance. A few of these include fire, earthquakes, flooding, wind, and vandalism. Depending on the location of your home, some of these will be more relevant than others. For instance, a homeowner in Kansas may need tornado insurance while a homeowner in Florida might opt for hurricane coverage. Of course, you could choose to pay for a hazard insurance plan that includes every natural hazard known to man, but it probably will not be financially practical.

  • How is Hazard Insurance Different From Homeowner’s Insurance?

Hazard insurance and homeowner’s insurance are often used synonymously in conversation. However, depending on your insurance broker, they may be quite different. If your broker uses the term “comprehensive” to describe your homeowner’s insurance, you should check to make sure that it covers the specific hazards common to your location or that you are concerned about prior to signing a contract. In addition, truly comprehensive insurance should cover both liability and physical damages while hazard insurance generally covers only physical property damage.

  • When Should I Get Hazard Insurance?

During a property’s closing sale, the buyer is typically required to obtain hazard insurance of some kind, the terminology of which may change later to property or comprehensive homeowner’s insurance. The name may not matter, but the details do! Be sure to read thoroughly and understand what you are signing off on prior to agreeing.

 

  • How Much Should my Hazard Insurance Cover and What Will it Cost?

It’s strongly encouraged to buy enough hazard insurance to cover (at least) the cost of the mortgage. That way, if something happens immediately after the sale, the buyer is protected enough to cover the full restoration of the home. Costs are calculated from the estimated value of the property, age, construction, and known hazards in the area.

 

Securing hazard insurance is just one more step in the buying process. Much like getting your home inspected, hazard insurance can give you peace of mind that your family and investment will be safe. If you are moving somewhere new and need any inspection services (foundation, termites, plumbing, radon testing. etc.) simply Inspect-It 1st!

 

If you aren’t currently buying or selling but think you might want an inspection done, Inspect-It 1st provides great resources to get you started.

 

Our home inspection company's history began in 1991 with the establishment of American Home Inspection. Over the course of the following seven years, a home inspection business prototype was developed that could be implemented anywhere in the United States. Our founders believed they had a unique methodology of providing homebuyers and sellers with consistent, professional and unbiased home inspections.

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