Take plenty of notes of the things you see. Include measurements of buildings both internal and external. Measurements may not be just of the building but also the lettable space as this is what generates the income.
Measure the site and get plans of any surveys that may have been undertaken at earlier times. It may be wise to get a fresh survey done when questions of boundaries exist. Look for any encroachments with neighbouring properties. Talk to the adjoining property owners and tenants if you have any questions or doubts.
The comparable prices and rental of property in the area will be calculated just by $'s (or other currency) per m2 or per ft2. Always know the established averages and then that they may compare to your property.
Get some idea of the construction costs of new buildings of the type you are examining it. You can do this through information provided by quantity surveyors. Many will offer the information free of their website.
Ask the existing house owner about any current orders, notices, encumbrances, rights of way, easements, leases, or matters of compliance which were current on the property and that may impact the property operation or future. Some of these things may very well effect how the property or home operates and therefore alter the value or price of the property.
Take photographs as you proceed so that you can reconsider or examine what you see around the property. Look for matters of deterioration or dilapidation; they can be both internal and external.
In the event the property is industrial in nature, consider the potential legacy of earlier environmental damage to soil or environment that will impact future occupancy. Also check out any health orders or notices on the property.
Heritage and Native identify matters could impact the property, region, or neighbouring properties. Registers are normally kept on these matters, so check these out before or as part of the property inspection.
Look for matters that could affect the structure of the property. Cracks, dirt movement, drainage problems are just a few of the main ones. If in doubt seek an engineer's report to help you.
Go around around the local area and look at how the property and neighbouring properties function. Pay attention to egress, ingress, access, and signs on the property. Can the property be well identified from the road and is signage adequate to identify the property or company in occupation?
Get details of the local services provided to properties in the area. Costs of electricity, water, and air will also be a concern to some property tenants.
Building operational costs or outgoings will be a key consideration for net income effectiveness. You need to know that the property is inside the averages of property outgoings costs for the buildings of its type. Should it be not inside the averages you have to get to the reasons for the differences. High occupancy and outgoings costs put off many tenants and purchasers to property.
Inspect all parts of the property including the basement, car park, tenant areas, storerooms, toilets, herb rooms, warehouse, office area, and entrance or exit points. Look at the things that visitors to the property would see. Precisely what impression do you get from these areas?
If you are looking at the property from an investment angle, you will need to consider the active leases, income stream, rentals, lease terms, tenant profile, outgoings recovered from the tenants, and the future of the house given the leases in existence. Solicitors can help with the interpretation of leases and the stability they provide to the property earnings.
If in doubt always question the things you see in your property inspection and seek written evidence. Never use what the property owner tells you on critical facts without the written supporting documentation.