Due Diligence: Get the Tradesmen Involved
While ordering a property condition assessment (PCA) is common practice with most commercial property purchases, having specific trade professionals out to inspect the property may be a more insightful additional step. Having a roofer come out to assess the roof or an HVAC contractor out to inventory and assess the HVAC units can often be done at a nominal expense and can uncover issues or areas of concern that would likely be missed in a more general inspection. Reaching out to all current contractors and vendors is also a great way to understand the property. You may learn from the landscaper that he’s been recommending irrigation or well repairs for a long time, an issue that was not disclosed to you. Understanding the physical asset and any unknown issues during your due diligence period could save you money up front (through pricing negotiations with your seller) and allow you to plan more appropriately for the future.