When it comes to ordering a Property Condition Assessment (PCA), it can be difficult to know which one is best for your commercial property.
ALTA/NSPS Surveys – When it’s Time to Order a PCA, Which is Best?
If you’re looking for a general report, a Standard or Baseline Property Condition report may be right for you. A Standard Property Condition Report is prepared by a generalist and is the most economical type of Property Condition Assessment. A Standard PCA is appropriate for use by lenders on newer properties or properties that are not complex. It is possible, however, that stakeholders may request a more in-depth PCA which, along with a generalist, can add multiple specialists to the team. PCA specialists can offer a greater level of knowledge on particular issues, which allows them to provide a deeper insight to the condition of the property.
What is a Specialized Property Condition Assessment?
A specialized inspection can be tailored to the client’s risk tolerance and to any known issues or specific property needs, which can include any/all of the following:
- Mechanical, Electrical, Plumbing (MEP)
- Facade and Roof (Building envelope)
- ADA Accessibility Surveys
- 100% Inspection
- Elevator Assessments
- Termite Assessments
It’s important to note there will be a distinct cost difference between Standard and Equity Based reports but depending on the circumstances and needs of the user, both should be considered before choosing a PCA.