Buying or leasing property for your New York business is an exciting step. Perhaps you need to expand your operations or find a storefront to better serve your customers and clients. Regardless of the reason, it can be very exciting to find a place that suits your needs, is in the right location and fits within your budget.
It’s not easy to find the right type of space in New York. Real estate is expensive, and there can be a lot of competition over certain types of commercial spaces. You may be tempted to move forward as quickly as you can, but this is not always the right move. You would be wise to take your time and look for issues that could indicate a more serious underlying problem with the space, such as an issue with the foundation.
Foundation problems are big trouble
As you know, the integrity of an entire structure depends on the quality and integrity of the foundation. When the foundation is faulty or there are problems with the ground on which it is built, it can cause big problems for the person who is occupying the building. As you are previewing the space, you may want to look for the following signs that could indicate foundation issues:
- Exterior cracks may indicate a failed foundation as can windows that separated from the wall. This may mean the foundation shifted or that the soils underneath are expansive.
- Interior vertical cracks, gaps in the drywall and molding that is pulling away from the wall may indicate that the foundation has a serious problem, and it may be important to call a specialist.
- Warped floors, slanting floors, doors that don’t work properly and continued plumbing problems may indicate there is a problem with the foundation settling or shifting.
When you look at a building to lease or buy, you may find it beneficial to have the assistance of a professional who can spot problem signs and help you make a smart choice.
Is it too late?
If you already leased the building or bought the building and later noticed signs of foundation problems, you may not be sure where to start. If the landlord or seller concealed signs of major problems before you signed a contract, you may want to speak with an attorney regarding your legal options. If you have not yet signed a purchase or lease agreement, you may find it beneficial to have an attorney review the terms of your contract.