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Property Condition Assessment - Building Inspection

PCA2

 

The purpose of a Property Condition Assessments (PCA) is to ensure that the purchase of a property is a worthwhile investment for the buyers and/or lenders.

Aside from a conditional requirement of lenders to perform such a survey in order to assure the building’s proper condition and acceptable maintenance costs during the duration of the mortgage, it is also a negotiation tool for the investor to negotiate the purchase price of the building with the seller.

The Property Condition Assessment lists the deficiencies currently existing in the building and its systems, assesses the life expectancy of the major components of the building, and includes recommendations for future repairs and replacements. Items that are included in a Property Condition Assessment are for example, the building’s structural elements, its finish, its safety compliance with current codes, and an overall view of the building.

Our building inspections are performed by an Engineering team who are specialized in conducting such inspections and are experienced in detecting common deficiencies in varied types of buildings.

It is recommended to conduct a Property Condition Assessment on a periodic basis, which usually varies from three to five years, depending on the use of the building, its structural concept, location, size, and age. It is also recommended if there are issues that require immediate attention, such as cracks or water penetration that might affect the long-term maintenance program of the building.

 
The assessment is based on the following:property condition assessment genispec inspections

    • Photograph documentation
    • Assessment of the property’s interior and exterior conditions, systems and components
    • Suggested remedies for physical deficiencies
    • Estimate cost & recommended time frame
 
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