Many business owners are turning to commercial condominiums to house their businesses. While sharing a building with other businesses has its benefits, there are also some major risks involved. At Americas Choice Commercial Building Inspections, LLC, we recommend taking the following six steps to ensure that purchasing a condo is right for you.
1. Read Disclosure Documents
Before purchasing a condominium, make sure your offer is contingent upon getting disclosure documents from the vendor. Give yourself enough time to go over these documents with an attorney or notary before signing for the building. Disclosure documents will detail bylaws, rules, and financial statements, as well as the adequacy of the reserve fund.
2. Check Zoning Laws and Restrictions
Zoning laws and condo restrictions vary by municipality. It is important to know beforehand if you are permitted to operate your business in the condo you’re interested in purchasing. Also, seek advance permission from the condo board for any changes you wish to make to your unit.
3. Scope Out the Neighborhood
Neighboring business can help or harm your business. As such, we recommend learning about the nature of the other businesses in the condo. Is there anything about your neighbors that could impede operations or cause discomfort for employees and customers (e.g., open flames, fumes, dumpster locations, eye sores, etc.)?
4. Parking and Access Availability
Before purchasing a condo, understand the parking situation. Is there enough parking for staff and customers? Do delivery trucks have easy access to your business?
5. Pay for an ESA
In addition to a commercial property inspection, we recommend investing in an ESA (Environmental Site Assessment). Essentially, an ESA will inform you of environmental risk factors associated with your property. An inspector will uncover the building’s current and past uses, and inform you of current contaminants and past issues so you can protect your staff, clients, and business from harm.
6. Know Your Responsibility
Learn what portions of the condo you are responsible for maintaining. For example, the roof, exterior cladding, and parking lot are usually owned and maintained by all owners. Exterior windows and doors, however, are often up for debate. Learn about your responsibilities before purchasing the building, so you know what to expect.
Request a Commercial Property Inspection
Americas Choice will empower you to make a wise purchasing decision. When it comes to condominiums, we know just what to look for. To request an inspection in Charlotte, Raleigh, Asheville, and beyond, call today at (704) 624-8444.