Did you enjoy playing blocks as a child? Maybe you liked stacking them up and then letting them tumble down. Or maybe you enjoyed creating the most elaborate structures you could dream of. People with this affinity for playing blocks often find that they like working as contractors and construction workers. After all, these jobs are sort of like playing blocks for grownups! You get to build things, albeit these things are much more complex than block towers. Sometimes, you also get to knock things down. If you like this analogy as much as we do, then we invite you to read more about construction and contractors on this website.
When it comes to investing in commercial real estate, due diligence is not just a recommendation—it’s a necessity. One of the most critical steps in this process is conducting a comprehensive commercial property survey. This often-overlooked aspect can make or break your investment, influencing everything from financing to future development plans. In this blog post, we will delve into the essential aspects of commercial property surveys, why they are vital, and what you should expect during the process.
Understanding Commercial Property Surveys
A commercial property survey is an in-depth assessment of a property's physical boundaries and structural features. Unlike residential surveys that focus primarily on a single-family home and its immediate surroundings, commercial surveys must consider various elements such as zoning laws, easements, utility placements, and environmental factors. These surveys provide accurate information about the land's dimensions, any existing structures, and potential legal restrictions or claims against the property.
Types of Commercial Property Surveys
There are multiple types of surveys tailored to meet specific needs in commercial real estate. Boundary surveys confirm the legal limits of the property and identify any encroachments or boundary disputes with neighboring plots. Some are more comprehensive and include detailed information required by lenders and insurance companies. Topographic surveys map out the elevation changes on a property, which can be crucial for construction projects. Each type serves its unique purpose and may be combined depending on the complexity of your project.
Why You Need a Commercial Property Survey
The primary reason for conducting a commercial property survey is to uncover any potential issues that could affect your investment's value or usability. For instance, discovering an encroachment by neighboring properties can lead to costly legal battles if left unaddressed. Knowing the exact boundaries helps you avoid building on someone else's land or violating zoning laws—mistakes that can result in hefty fines or forced modifications. Moreover, lenders often require detailed surveys before approving financing because they need assurance that their collateral is secure.
What Happens During a Commercial Property Survey?
During a survey, licensed professionals use specialized equipment such as GPS units and laser rangefinders to measure distances accurately. They also review historical records like deeds and previous surveys to cross-verify their findings. Ground markers may be placed at key points along the property's boundary lines for future reference. The entire process involves meticulous documentation, including photographs and written reports summarizing findings related to boundary lines, easements, rights-of-way, and topography—essentially every detail relevant to the current or future use of the land.
For more information, reach out to a local service, such as Community Sciences Corporation.