A property inspection is an important part of the commercial appraisal process, but it involves more than simply walking through the building.
During an inspection, an appraiser observes the physical characteristics of the property and considers how they may influence its utility, marketability, and value.
Some of the key items an appraiser may consider include:
Building Characteristics – Size, age, construction, condition, quality, and overall functionality.
Layout & Utility – How the property is configured and whether the layout is functional for its current or potential use.
Renovations & Condition – Recent improvements, deferred maintenance, and the overall condition of the property.
Site Characteristics – Land size, shape, topography, parking, frontage, and other site features.
Access & Exposure – How easily the property can be accessed and its visibility from surrounding roadways.
Surrounding Development – Neighboring land uses, development patterns, and characteristics of the surrounding area.
An inspection provides important context that, when combined with market research, comparable data, and valuation analysis, helps the appraiser develop a well-supported opinion of value.
Every property has a story, and understanding the property itself is an important part of telling it.
