You know all about getting inspections before you purchase your home or commercial building; it gives you a level of certainty about a potential investment. But what happens after the purchase? Often, aside from obvious repairs, you proceed with your biggest concern being a constant flow of rent from your tenants until something happens.
Often we are called in after something has gone wrong with a client’s building. More often than not, what went wrong could have been caught before an expensive fix is required or prevented altogether. The question is: how can you see issues before they become big problems? Our best answer is: Regular Inspections, here’s why:
- A regular inspection by a knowledgeable professional can assist building owners with preventive maintenance items and capital expenditure planning.
Regular inspections can begin to identify a maintenance schedule and give you information about repairs that will be necessary in the future. Your inspector can become an important part of your financial planning team and assist you with maintaining a property where businesses can flourish without unexpected maintenance interruptions.
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A consistent presence on site and prompt resolution of exterior maintenance issues deters vandalism.
Loitering, graffiti and abuse is less likely to occur at a building that is well lit, and well cared for. Regular inspections can identify lights that are out, damaged exterior fixtures and offensive tagging in a timely manner so you can respond quickly. Maintaining an active managing presence on site gives your tenants greater peace of mind, which means they’ll stay longer.
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Inspections can prevent costly insurance claims.
While inspections can’t identify every risk, they can catch a lot. We’ve noticed soft and bubbling roof membranes during inspections and had them repaired before roof leaks and property damage could occur. We’ve discovered an open hose bib in winter (likely turned on during construction) and were able to shut it off immediately before a pipe burst. We’ve also reported degraded sidewalks, curbs and other tripping hazards as well. Because of the inspection, quick repair was possible and potential claims were averted.
From an insurance perspective we believe the more action and proof you can provide that you are diligently attempting to maintain your building/property will go a long way to lower your claims and costs.
So how often should you have your building inspected?
It depends. It depends on the age, location, and traffic at your building. Aging buildings tend to require more care so regular inspections will assist you with mitigation and advance planning. Isolated buildings, buildings near schools or those in marginal neighbourhoods will require more diligence for vandalism. Busy plazas are more prone to insurance claims for slips and trips; inspections will help you keep your risks in check.
Generally we suggest at least one inspection in the fall and one in the spring.
The fall inspection will identify small repairs that can be completed before winter sets in. It can also provide information that will help with operations budgeting for the coming year, and identify any major capital expenditures that could be coming. From the inspection you can then get quotes for capital work which can be considered before the new budgets are established for the coming year. The spring inspection will help to identify and rectify any winter damage that your building may have incurred.
Some clients ask for a monthly inspection, this is especially helpful for commercial malls as it helps the owners and managers to be aware of potential problems. If monthly is too much, then definitely quarterly is appropriate.
Of course it’s not just about the inspection; it is still up to the owner to respond to the findings of the inspection to receive their full value.