If you have just purchased one of these buildings, you would be required to perform a multi-family inspection during the grace period. This inspection is very important for the buyer to find out what they are getting into and prepare for any costs that may incur upon completion of the deal. Here are a few of the main areas that should be looked at during an inspection.

This consists of a thorough inspection of all the mechanical and electrical fixtures in the building. This would normally include all plumbing, sewerage, ACs, heating systems, elevators, and electrical fixtures. Each type of fixture should be inspected by a certified professional in the field as finding out the right details about these are imperative. You should also look at any previous maintenance documentation and schedules to figure out the state of these fixtures. Having to repair or replace these fixtures is normally very costly so this will give you an opportunity to adjust your budget accordingly.

A building’s roof and foundations are the most important aspect when you’re looking at longevity. If there are any visible cracks or scrapes in the foundations, these will have to be dealt with straight away so you should always budget for those. If there is water damage or any other serious issue, you might even have to reconsider your purchasing decision. Any cracks or leaks in the roof will also have to be dealt with swiftly. Replacing roof tiling or even the whole roof could be a possibility and you would definitely have to rearrange your budget for these.

It is very important to walk through the whole building and inspect each unit carefully during a multifamily inspection. Not only will this give you an idea of all the cosmetic problems with each unit, it will also give you a chance to meet the tenants and find out how they are keeping the building. The units should be checked for all fixtures and you should also have a chat with tenants if they’re available to find out about their problems or any prevailing issues with the building.

Performing an audit of all agreements and contracts will help you stay ahead of any problems that may arise after you take over. Finding out which tenants are paying on time and who might be a problem in the future will let you prepare for what is to come. Every multifamily building also has a number of service agreements including general services like laundry and garbage disposal and maintenance contracts. It is good to go through each of these carefully to figure out whether you will continue any of these or will avail the get-out clause that most of these contracts offer upon transfer of ownership. You should also do an audit of all the utility bills that you will be required to pay upon assuming ownership.

 

 

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