Property Condition Evaluations identify and quantify existing conditions and provide a framework for future facilities management. There are many reasons why real estate owners and investors perform systems evaluations. Depending on the reasons, the scope and depth of building evaluations can range tremendously.
Evaluations can range in scope from single system reviews of the electrical or roofing system, for example, to comprehensive evaluations of each building system. The level of depth in the evaluation of each system may range from a simple cursory review performed during a brief visit to the property, to extensive documentation review, field investigation, testing, laboratory analysis and engineering calculations. Evaluations can consist of destructive or non-destructive testing of system components and equipment. In an appropriately planned evaluation the reasons for, the scope of, and the depth of the evaluation are identified and implemented in such a way as to provide the maximum results to the client, whether they be owner, manager or investor.
The level of effort is usually correlated to the monetary or public relations investment in a property. If the public works department is acquiring a storage shed on the outskirts of town, an extensive review of the property is not typically necessary. A prudent course may just be an environmental assessment of the site. But if the property is a downtown high-rise which will house corporate offices or which will cost $100 million to acquire, an in-depth evaluation is warranted.