Property Condition Assessments
The purpose of a Property Condition Assessment (PCA) is to identify risks associated with the current physical condition of the property and provide recommendations regarding the future capital improvements needed to keep the building and its systems in good working order. Prior to visiting the site, the Newbanks team will send out a Property Condition Questionnaire to the property’s management team. Further, a document checklist is submitted requesting plans for the building(s) and site along with work order logs and recent capital expenditure logs.
Newbanks’ professional staff will conduct interviews with onsite personnel including property managers and building/property engineers and superintendents to ascertain how the property is being managed, common reoccurring problems, violations, and the apartment/office turnover rehabilitation program. The Newbanks team will perform a visual observation of all common areas, roofs, mechanical areas, and a percentage of all tenant areas. These areas are surveyed for condition, general code compliance, defects, and useful life. Systems surveyed included common site areas, building envelope, foundation, structural, mechanical, electrical and interior finishes. Further, an Americans with Disabilities Act (ADA) compliance review is conducted and contact is made to the local building, fire and zoning departments to identify any outstanding violations.
Finally, the Newbanks team will generate a Property Condition Assessment report outlining the condition of all systems, deferred maintenance and deficiencies observed. The report will include a list, description, and values for all Immediate Repairs, as well as a Capital Reserve Analysis. The report will include an estimate of Insurable Replacement Costs and a recommended list of items for review prior to executing on the investment. The Immediate Repairs and Capital Reserve Analysis (inclusive of our system of Useful Life Table) allow our clients to plan ahead.
Newbanks PCA reports comply with industry standards based on ASTM E-2018-15 requirements along with Freddie Mac, Fannie Mae, or HUD guidelines.
What is Reviewed?
- Physical Condition of Property (Visual Inspection)
- Site Related
- Foundation Related
- Structural Related
- Envelope Related
- Mechanical Related
- Electrical Related
- Life Safety Related
- Americans with Disabilities Act (ADA) Related
- Work-orders and Logs
- Systems Warranty Information
- Municipality Search for Fire, Building and Zoning Violations
- Environmental Assessment Reports