“Don’t wait for the perfect time to start making changes in your life; the time is now.” Chris Gardner

We are nearing the Balcony Inspection deadline. The Deadline is JANUARY 1, 2025 and it is getting close. If you haven’t already scheduled an inspection, you should do it as soon as possible, because you may have issues causing you to need repairs.

WHAT IS THE RULE REGARDING BALCONY INSPECTIONS? This is based on two laws SB 721, passed in 2017, applies to apartment buildings and SB 326 which was passed a year later in 2018 applies to condominium projects. There are some differences mostly relating to time periods for inspections, and who may do the inspections.

WHAT NEEDS TO BE INSPECTED? What is required is an inspection of “Exterior Elevated Element” (EEE) which is decks, stairways, walkways, balconies or any structure which is at least six feet above ground and is designed for human occupancy and use.

WHO CAN PERFORM A BALCONY INSPECTION? There are a number of professionals who can perform your inspection:

1) A licensed architect

2) A Licensed structural or civil engineer

3) A Building contractor with a A, B or C-5 license and at least 5 years of experience.

4) A certified building inspector.

WHAT IS THE COST TO INSPECT? I have seen ads “Starting at 249.00” and similar numbers. Obviously, it will depend on the number of elevated spaces in your building. I am having my general contractor do mine, as he knows my building and he is someone I trust. It could be more expensive to use an architect or an engineer, but my advice is to make some calls and see who will be more reasonable. If you like, I am happy to give referrals as well. My main advice is not to wait until the last minute.

FINES Fines for non-compliance can be 100-500 dollars per day. Liens can be put against your property, and if you continue not to comply, it could lead to a foreclosure. Don’t put yourself, your building and your tenants through unnecessary risk. Order your inspection now!

“Pitching is the art of instilling fear.” Sandy Koufax

“A man really determines himself by what he does.” Vin Scully

 

What we at PRS PROPERTIES CAN DO. We can give you a good idea of the current value of your building. We can suggest changes you might want to make before sale to give you an idea what type of building you would be able to exchange into. You may decide to stay in the rental business. We are always available to chat. We can give you referrals for professionals, such as lenders, contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparable in the area of your properties, so that you know what rental values are in your area. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

FINES Fines for non-compliance can be 100-500 dollars per day. Liens can be put against your property, and if you continue not to comply, it could leave to a foreclosure. Don’t put yourself, your building and your tenants through unnecessary risk. Order your inspection now!

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We are currently looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We can offer a 7 day escrow and all cash at closing. Give us a call. We have also put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.