OUR SURVEYS SAY...
A building survey, sometimes called a Physical Condition Survey, forensic survey, or engineering survey, is an effective way to diagnose the overall condition of a property. RAND’s Physical Condition Surveys and building evaluations include those for cooperatives and condominiums planning capital improvement programs, building condition reports used in association with Condominium Offering Plans, due diligence and pre-purchase surveys, and Major Capital Improvements (MCI) reviews for landlords and tenants.
Capital Needs Assessments and Reserve Studies
RAND performs comprehensive surveys of properties to evaluate the condition of major building systems and components. Our Capital Needs Assessment reports include detailed descriptions, captioned photographs, and a prioritized list of recommended repair and replacement items, along with associated budget projections and timetables. The information presented in our reports provides building owners and agents with an invaluable blueprint for planning major capital improvements and determining how to best allocate short- and long-term expenditures.
Condominium Offering Plan Reports and Reviews
As part of a new or converted Condominium’s Offering Plan in New York State, RAND produces Description of Property and Building Condition Reports for sponsors, and Condominium Offering Plan reviews for condominium boards and tenant associations. Our Offering Plan review reports, which compare existing conditions and systems to those described in the Offering Plan’s Building Condition Report, document building defects and include recommended repairs and replacement items as well as associated budgetary costs listed on a priority basis.
Many of our Condominium Offering Plan review reports have been submitted to the New York State Attorney General’s office and used as the basis for successful arbitration between building developers and condominium boards, with RAND designing and administering the corrective repair programs. Throughout the industry, RAND Physical Condition Surveys are recognized as accurate and comprehensive. And because we have worked for all parties involved in Condominium Offering Plans, the Attorney General’s office regards our reports as fair and objective.
Due Diligence and Pre-Purchase Surveys
Before purchasing an apartment or a building, a due-diligence inspection is recommended so prospective buyers know critical information about the property's condition. Even recently built condominiums can have their share of problems, from leaky roofs to bad ventilation to windows that don’t open and shut properly. RAND’s pre-purchase surveys, conducted by a licensed professional, evaluate a building's interior, exterior, heating, cooling, electrical, and plumbing systems as well as conditions in the unit itself that could indicate larger building-wide defects. Our written survey reports, which include descriptions and photographs of our findings, help clients make an informed decision about buying.
MCI Reviews
RAND works with New York City landlords who have completed major capital improvements (MCI) on buildings and with tenant associations to verify that the repair work meets New York State Department of Housing and Community Renewal (DHCR) guidelines. After carefully reviewing all MCI application documentation, RAND performs a comprehensive evaluation of the repair items and provides a detailed report that includes an assessment of the fair market value of the work performed and the validity of the owner’s request to raise rents. Based on our report, DHCR can approve, reduce, or deny the owner’s request for a rent increase.