Multifamily Property Inspection Checklist
Real Inspection Experts provide property inspection services in Chicago and the surrounding area including multifamily property inspections. Like our single-family residential inspections, our professional inspectors will complete a multifamily property inspection checklist to create a comprehensive assessment of multifamily/multi-unit rental properties. We believe a thorough multifamily building inspection is crucial for assessing the condition and financial viability of these properties.
Our experienced inspectors play a vital role in evaluating the property’s integrity and overall safety of the property while compiling an inspection report for your informed decision-making.
Our licensed inspectors look for major issues:
You, the Chicago area property buyer, want to know if there are any major issues with the property that could impact your purchasing decision. Our property inspection services are provided by a dedicated team of Chicago area professional inspectors who share their knowledge and years of experience. Using advanced tools like DJI drones, infrared FLIR thermal imaging and moisture meters, we look to uncover potential concerns like foundation problems, structural issues, or major systems in need of repair or might be dated for replacement. Our color-coded building inspection reports provide valuable insights into the property’s condition.
Our inspection helps you understand any safety concerns:
Our property inspection service goal is to identify obvious safety concerns that may exist at the property. This might include asbestos, lead paint, mold or even the condition of the dryer vent. A thorough inspection is essential for identifying potential health and safety hazards and ensuring compliance with Illinois property management best practices. Our professional Chicago area inspectors are licensed and equipped to detect and address these and other areas of concern to prioritize the safety and well-being of the occupants of the building.
A (partial) Multifamily Property Inspection Checklist:
- Roof inspection – The condition of the roof is one area that is essential to a solid investment property. Replacing the roof, especially in Chicago, can be one of your most costly replacement items. It can also make a big difference in your insurance coverage. Roof inspections will help you understand the construction type, its condition and age, and its life expectancy. These are vital in the financial projections of the investment. Make sure your budget allows for replacing this major component either upfront or through the operations of the property.
- Foundation inspection – A solid foundation can also make or break your investment. For foundation inspections, in addition to the building envelope and exterior walls, our experienced inspectors look for vertical or horizontal foundation cracks and uneven floors in the basement, crawl spaces and upper-level floors. Many times, these problems can be hard to spot, and some are easy to cover up. Outdoor lot grading, including a drainage system, driveways and sidewalks condition is also part of our property inspection services.
- Mechanical Inspections – Mechanical inspections consist of inspecting the systems that provide comfort to the occupants of the building. The reports include the electrical service, plumbing, and HVAC systems. These systems will be costly to replace. They can take a significant portion of your maintenance budget if they are aging or in poor condition.
- Unit Inspections – Walking through each of the interior units is critical in determining the overall property condition and offers a clue to the quality of the Chicago area tenants. We walk the common areas hallways and every interior unit that is accessible. While looking at the windows, walls, ceilings and general interior condition, the inspectors are looking for problems that need to be addressed or have been repaired in the past. This will help you, the buyer, to understand the potential costs that will need to be incurred when that tenant moves out and before another can move in. This will help you budget for future repairs and maintenance costs.
What does the multifamily property purchaser do during an inspection?
During rental property inspections, the Chicago area property buyer may or may not choose to be present. If they choose to attend the inspection, they can be actively involved in the process. Our building inspectors encourage the active participation of property buyers during our inspections, along the way providing insights into the property’s condition and maintenance requirements. The presence of the buyer allows for real-time discussions and clarifications on any identified issues, fostering informed decision-making.
In addition, the property buyer should:
- Ask questions: The purchaser should ask the inspector any questions they have about the property or the inspection process. The inspector can provide valuable information and insights into the condition of the property. Inquiring about the property’s structural engineer, health inspection, and maintenance requirements can offer a comprehensive understanding of its condition and potential costs for maintenance and repairs.
- Take notes: It can be helpful for the purchaser to take notes during the inspection, documenting any issues or concerns that are identified by the inspector. This can be useful when negotiating repairs or a lower purchase price with the seller. Detailed documentation of the property’s code compliance, load centers, and exterior grading can aid in negotiating favorable terms based on the inspection findings.
- Inspect the property: The property purchaser could also inspect the property themselves, looking for any visible issues or areas of concern. Any noted areas of concern should be directed to the inspectors for an in-depth assessment. Also, the property buyer should pay attention when critical components such as sewer inspection, HVAC inspection, water heater inspection and chimney inspections are completed. This helps ensure a comprehensive understanding of the property and its condition.
- Consider future costs for the property: To help the buyer anticipate future maintenance requirements and associated costs, and facilitate informed decision-making, the buyer should consider the potential costs of maintaining the property based on the information provided by the property inspection services and the rental property inspection report.
Excellent educational opportunity:
Overall, our Chicago property inspection services, including our multifamily property inspection checklist, are an excellent educational opportunity to learn as much information as possible about the background and condition of the property.
Color-coded building inspection report:
Within 24 hours after the property inspection you, as the buyer, will receive, via email, an extensive color-coded building inspection report that is easy to read and understand. With clear pictures and illustrations, the Chicagoland property inspection report is a web-based report that provides easy viewing even on mobile devices. The inspection report includes a thorough explanation of any areas of concern. The comprehensive building inspection report also includes a feature to add repair estimates to assist in ongoing negotiations for repairs or a lower purchase price. If the inspection report reveals issues with the property, the buyer may be able to negotiate repairs or even a lower purchase price with the seller.
Our goal is to help you make an informed decision:
At Real Inspection Experts, the goal of our property inspection services and the property inspection report is to provide you with peace of mind. Our inspector aims to support you with an informed decision about purchasing the property by obtaining a clear insight into potential risks and costs associated with purchasing and maintaining the property.