What is a Property Condition Assessment?
A Property Condition Assessment is a due diligence tool utilized by lenders, owners, and investors to evaluate the existing condition of a commercial or residential building. Although the scope of work for a Property Condition Assessment can vary, an assessment typically involves the thorough, in-person review of interior and exterior site components. This includes, but is not limited to, building foundations and structures, exterior facades, parking areas, building systems, roofing components, and interior fixtures. An outline of all requirements to meet industry standards for Property Condition Assessments can be found in ASTM E2018-15 Standard Guide for Property Condition Assessment Process.
Assessing Hurricane Damage
Did you know that The National Centers for Environmental Information reports that hurricanes have caused over $315 billion in overall damages/costs in the past 3 years? With the potential of damaging winds, flying debris, and flooding, a hurricane can leave a property in need of restorations. Hurricane Ian, for example, was a category-4 hurricane that struck Florida and South Carolina earlier this year. Leaving behind destruction that totaled between $50 billion to $65 billion in insured damages, causing the second-largest insured loss on record. No matter what the damage may be, starting the process to make repairs may seem daunting, but working alongside one of our building assessment specialists can help you examine your property and prioritize repairs.
During a Property Condition Assessment, one of our in-house consultants will observe a site for hurricane-related damages. In most cases, a property will see damages due to hurricane-force winds and catastrophic flooding. Gale force winds ranging from 75 mph – 157 mph can lead to flying debris and fallen trees that can destroy a building’s structure, windows, or roof. Flooding can lead to water intrusion, causing small leaks and other damages to the internal components of a building, such as saturated drywall or electrical damage. After outlining all storm-related damages, our consultants will evaluate them on a good, fair, or poor rating. They will also identify any immediate cost repairs, such as life/safety issues and/or short-term repairs that would require attention within the first 12 months. With this information, a restoration scope of work can be developed, making more severe damages a top priority.
Let Moran Consultants Help You Assess Your Hurricane Damage
Assessing damages after a natural disaster may seem daunting, but utilizing a Property Condition Assessment from Moran Consultants can help you prioritize repairs and return your property to a safe and sanitary condition. With over 50 years of industry experience, our team of professionals can provide personalized service to meet your needs. Give us a call at 866-545-3350 or contact us online to learn how we can help assess your property for hurricane damage.
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