Pre-Opening Inspections on Residential Buildings

by

13 August 2018

Real Estate

Residential Buildings

Building a residential complex can be quite a challenge for any company. The sheer amount of planning and the complexity and scale of the task can overwhelm anyone.

In those situations, mistakes are possible and they happen. Which is why it is important that the building is inspected for flaws during the construction and especially once the construction is done and before it is put into use.

Experts at Xpera Group give us the rundown of the most important checks and inspections a building needs before it can be safely used.

Electrical Inspection :

Electricity is one of those things which can be extremely dangerous if treated carelessly and at the same time, indispensable for our daily lives.

Before any building can get its use permit, the appropriate authority will need to ensure that all of the electrical installations are safe and installed properly.

Waterproofing :

Also known as building envelope inspection, this particular part of the inspection makes sure that no water can get into the building.

The building envelope includes doors, windows, the roof, and the walls, everything that separates the outside from the inside.

Typically, these inspections are conducted before the building is released to general use, but it is also important to periodically conduct it even when the building is in use since the envelope will be exposed to the elements the most.

Fire Safety Inspection :

Another hugely important matter is the fire safety of the whole building. Each municipality and county might have their own specific rules about fire safety, but it will always be a requirement in order to get a permit.

The most important thing is to have a functional fire alarm system, as well as fire extinguishers or similar firefighting tool readily available throughout the building.

Structural Stability Inspection :

The name of this inspection is self-explanatory – the inspectors will need to ensure that the building can support its own weight, as well as that the materials used are durable enough to last for as long as the building is expected to be used.

Earthquake Inspection :

Some regions are just more prone to earthquakes, which has forced those areas to be extra careful when constructing their buildings, and the earthquake inspection is there to ensure that the building can withstand an earthquake and be safe enough for the people inside.

Balcony Inspection :

Balconies are a known weak point in the structure. The part which binds the balcony to the building itself is a critical point which needs to be protected and properly maintained.

Water is probably the worst enemy of balconies, but the damp air and especially salty air near the seas can act as an abrasive force as well.

The other key point in balcony protection is the railing. Depending on the material, the railing has different maintenance needs and expected durability which needs to be followed strictly.

Pest Inspection :

Even though the building is new, a variety of pests might choose to make it their home, especially if something was made improperly, giving them plenty of places to hide.

This inspection is not obligatory and will not be a condition to get a use permit, but some people want to go the extra mile and perform this check as well.

These types of inspection might not be the only ones you will have to apply for, but they are the most important and you need to make sure that your building is going to be up to the code before you do.

Read Also :

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Buy to let mortgage

Buy to Let Mortgage Explained

A buy to let mortgage differs from a regular mortgage since it is for investors or landlords who buy property to rent out to tenants; not for their residential purposes.  The essential differences that an investor should be aware of can be provided through professional and experienced advice from mortgage brokers in the UK. Some issues linked to the subject are listed below: Buy to Let mortgage in the UK is available to individuals as well as to corporates and companies. However, a BTL mortgage for a company will have to be through a lender who accepts investment through limited companies. Maximum limit:  The amount that can be borrowed is linked to the expected rental income.  Lenders usually require the rental income to be 25-30% higher than the mortgage payment. Deposit: A deposit will be required to be paid to the lender; it is usually 25% of the value of the property (though this can escalate to about 40%). Repayments:  The two ways of paying back the mortgage are explained below: Interest-only mortgage: is self-explanatory and, every month, only the interest on the loan is paid back. This means lower monthly payments, but the loan will have to be paid at the end of the mortgage period. Repayment mortgage: is when both the interest as well as some portion of the loan itself are paid back.  A higher monthly payment will be required, but the advantage is that by the time the mortgage term matures, in all probability, the entire loan would be repaid. Depending on the investor’s capital and budget, advice will be required on the Repayment issue since lenders vary on the repayment requirements. Taxes:  Both Capital Gains Tax and Income Tax are payable on buy to let properties. Capital Gains Tax: The rate is payable dependent on the income bracket of the investor. By adjusting property purchase fees (or even losses from another BTL property), this tax can be reduced. Income Tax: Landlords will not be able to deduct the mortgage interest from rental income.  Instead, the total mortgage interest payment will receive a 20% tax relief.  Fees like council tax or property maintenance charges can be offset if the annual income allowable is exceeded. BTL remortgage: By switching to another deal once the current mortgage is over, a BTL remortgage can sometimes be advantageous as the interest rate can be lower. If a remortgage is required earlier, lenders usually require a minimum time of 6 months after the title deeds are transferred before they will consider this.  However, arrangement fees for BTL are high so remortgaging can be expensive and, since interest rates can fluctuate, the pros and cons will need to be carefully reviewed. Regulation of Buy to let mortgage:  Most of these mortgages are not regulated by the FCA as they are treated as business borrowing. However, Consumer BTL mortgages are handled in the same way as residential mortgages by the FCA, protecting the investor from fraud or incorrect advice.  This type of mortgage is for “accidental landlords” - it is defined as ‘a buy-to-let mortgage contract which is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.’  For example, if the property is bought for relatives to live in, it would be considered as a Consumer BTL mortgage. Legislation:  Investors need a tenancy agreement, outlining the terms and responsibilities of both parties.   The rented property should be kept safe with a fire alarm and all gas and electrical equipment maintained in good condition.  An energy performance certificate should be provided to the tenant.  The tenant’s right to rent should be checked.  The deposit should be protected in a Government-backed scheme. Conclusion:  As in every critical decision, the pros and cons need to be weighed.  In the case of a Buy to Let mortgage, some of them are: Advantages: Demand: With the demand exceeding supply, the rental market is suitable for investors. Capital gain: Although there is a risk with the value of property fluctuating, “brick-and-mortar” has usually survived and increased in value. Income: With the rental trend increasing, the revenue should be an asset. Disadvantages: High fees: Fees, deposits, and admin/legal costs can be increased. Rental voids: There is the risk of having no tenant or a tenant who is problematic with payments. Legal: Keeping in line with the legal requirements can be a big responsibility. Should a BTL mortgage be decided on, just keep in mind that the stamp duty holiday is till 31 March 2021 and so all necessary documentation should be completed well in time if this benefit is to be availed! Read Also: Federal Government and the Subprime Mortgage Crisis They Created 7 Expert Tips In Finding The Best Mortgage Broker In Vancouver Finding the Best Mortgage Lenders to Buy Your Dream House

READ MOREDetails

Qualified Personal Residence Trust (Qprt)

When it comes to estate planning, a variety of tools and strategies are available to help individuals manage their assets effectively. One such tool is the Qualified Personal Residence Trust (QPRT), an advanced estate planning strategy that offers significant benefits. This article will delve into the intricacies of QPRTs, their advantages, and potential drawbacks. What Is A Qualified Personal Residence Trust? A Qualified Personal Residence Trust is a particular kind of irrevocable trust. It allows homeowners to remove the value of their primary or secondary residence from their taxable estate. This is achieved by transferring the ownership of the home into the trust for a specified term. The homeowner, or grantor, retains the right to live in the property during this term. At the end of the term, the property is transferred to the named beneficiaries. How Does A QPRT Work? The process of establishing a QPRT involves several steps. Initially, the homeowner transfers the ownership of the residence into the trust. The value of this gift is computed based on IRS applicable federal rates, which represent minimum market rates. This allows the property's gift value to be calculated at a lower rate than its fair market value, potentially reducing the gift tax liability. During the term of the QPRT, the homeowner can continue to live on the property. If the homeowner survives the term of the trust, the property is transferred to the beneficiaries, and the value of the residence is effectively removed from the homeowner's estate. This can result in substantial estate tax savings. Advantages Of A Qualified Personal Residence Trust There are several benefits associated with a QPRT: Estate Tax Reduction: By removing the value of the residence from the estate, a QPRT can significantly reduce estate taxes. Gift Tax Savings: The transfer of the residence to the trust is considered a gift. However, the value of this gift is calculated at a lower rate than the fair market value, potentially reducing the gift tax liability. Continued Use of Property: The homeowner can continue to live in the property during the term of the trust, without any change in lifestyle. Asset Protection: As an irrevocable trust, a QPRT can offer some level of protection against creditors. Potential Drawbacks Of A QPRT While a QPRT offers many advantages, it's important to consider potential drawbacks: Irrevocable: Once established, a QPRT is irrevocable. This means that it cannot be easily undone or changed. Mortality Risk: If the homeowner does not survive the term of the trust, the value of the residence may be included in the estate for tax purposes. Limited Flexibility: Once the residence is transferred to the trust, the homeowner may have limited options for selling or refinancing the property Is A QPRT Right For You? Determining whether a QPRT is the right strategy for you depends on your individual financial situation, your estate planning goals, and your life expectancy. It's crucial to seek professional advice to understand the complexities involved and ensure the trust aligns with your goals and circumstances. In Conclusion: The Power Of Planning A Qualified Personal Residence Trust can be a powerful tool in estate planning, offering potential tax savings and asset protection. However, it's not a one-size-fits-all solution. It's essential to consult with a knowledgeable estate planning attorney to determine if a QPRT is the right fit for your estate planning needs. For more information or to discuss your estate planning needs, contact Citadel Law at (800) 662-0882. Our experienced attorneys can provide personalized assistance and guide you through the complexities of estate planning, ensuring that your assets are managed and distributed in accordance with your wishes. Read Also: What are the Best Real Estate Seller Leads? The Best Strategies For Retirement Funds Distribution How Do Law Firms Help Companies With Their Real Estate Issues?

READ MOREDetails
House Movers

What Should You Do Before The House Movers Arrive?

Moving to a new house is exciting. However, the chaos and stress in preparing to move are not welcome. If you are a parent, you can probably envision how much work you will do to pack everything you possess before the arrival of the removal company. Fortunately, you can hire a house removal company with the type of service that fits your budget. A removal company offers professional services with trained staff, industry organization membership, and comprehensive insurance to cover damages or loss of items. The company can help make your move as pleasant and easy as possible. However, you are still responsible for ensuring that there will be no mishaps on the day you move. Here Are 3 Important Things Should You Do Before The House Movers Arrive: Even if you choose to have the removal company do the packing and unpacking of everything you own, your preparation before the movers come will minimize the cost of removal. 1. Create a plan of action You should have a plan of action that will involve every capable member of your household. Each one should know what they should do and when the deadline is to complete their task. The plan will ensure that every person completes the task early so as not to cause confusion or delay. Creating a list of tasks and posting them on areas visible to everyone can serve as a reminder of the tasks they should do and who is responsible for specific responsibilities. Darvills of Leeds, a trusted home removals company that has been in business since 1876 suggests so. 2. Take out everything from cabinets, cupboards, drawers, and closets You will be more organized if you see the items you will pack. If you are doing the packing, segregate the items and put them in the boxes the removal company will provide you with. Separate the things you want to throw, give away, or donate. Label the boxes properly once it is full. If the company will do the packing, segregate and place the items on one side of the room to give them plenty of space to work.   3. Make an inventory of all items Making an inventory of everything in your house will ensure nothing is missing. It will also make it easier to find the things you need. Include photos and videos of every room and the contents within. You can visit this website to find more information on preparing for a move. After packing everything, make another inventory of all the boxes the movers will transport in their trucks. The list will help you identify if anything is missing. The inventory can also help prevent disputes over the value or number of items/boxes. For instance, you may indicate whether you placed other boxes in storage. Whether the removal company does the packing and unpacking or you do the packing yourself, it will make your move smooth sailing if you plan and organize the activities before the move. Get your family members to help pack and sort items. This will systemize the process of transporting the belongings you need and coordinating with the movers. Read Also: Top Things To Do Before Moving Into Your Own HomeWhy Are Lenders Moving Towards Automated Mortgage Processing?Top 10 Household Items That Are Commonly Damaged During Moving

READ MOREDetails