Property Condition Assessment Alexandria, VA
Service Overview
Biller & Associates conducts Property Condition Assessments (PCA) in Alexandria, Virginia. A PCA is intended to help educate the client in the evaluation of the overall condition of the commercial property. It is based on the visible and apparent condition of the building and its components. This assessment meets the requirements of rating agencies such as Standard and Poor’s, as well as to the scope of work defined by the industry standard for baseline Property Condition Assessments, ASTM E2018-15.
The assessment is designed to disclose deficiencies in the Alexandria property that could materially affect its safety, usability or function, it will also provide maintenance recommendations. The PCA will not include destructive testing and/or disassembly of components or systems. It will also not include an assessment or schedule of upcoming maintenance or manufacturer recommended service.
Estimates of probable costs for scheduled maintenance and/or identified deficiencies are not provided due to the logistics associated with supply and contractor availability conditions. We recommend obtaining estimates or proposals from at least 2-3 qualified contractors.
When To Schedule the Property Condition Assessment
A PCA is typically ordered as part of the due diligence process when a property in Alexandria changes hands. A lender may request a PCA before issuing a loan, or an investor/buyer may request the assessment before purchase. It provides risk mitigation for the buyer and the lender and, potentially, an opportunity to contribute to the following:
- Negotiations on purchase price: Should major issues be identified; the buyer may be able to negotiate a lower price to make up for repairs or ask the current owner to make those repairs before purchase.
- Financial planning: In addition to assessing whether or not the property itself is in scope with financing options, the buyer will need to budget for the resolution of any identified deficiencies. This can include repairs and ongoing building maintenance.
- Loan approval: If the property is deemed too risky of an investment, lenders may be resistant to extending financing.
- Securing insurance: Similarly, property insurance rates could be higher if the building is in considerable disarray.
Who Should Attend a Property Condition Assessment
It is recommended that you attend the assessment of the Alexandria property. This will provide an opportunity to discuss any questions or concerns you may have regarding the commercial space including, maintenance or recommendations. While the PCA report includes concise explanations and images, seeing defects in person adds more clarity.
What to expect
Within 24-48 hours of the assessment being completed, Biller & Associates will provide the PCA report to include actionable information to help you make an informed investment decision.
Contact us today to schedule a Property Condition Assessment in Alexandria, VA.
