PCA’s are a valuable tool for client to help owners, buyers, sellers, and/or lenders understand physical real estate assets and make informed decisions. Although ASTM has developed ASTM E2018 Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process to provide a framework for PCA reports, the actual work performed can vary significantly. Costs can range from as little as $2,000 or well over $20,000 depending on the scope of work. Generally, with the higher fee comes greater depth of evaluation.
In an ideal world, everyone involved in a real estate transaction would have an in-depth understanding of the ASTM standard. (You can buy a copy of the standard here). However, if you haven’t had time to study the Standard, the discussion below may help you work with your consultant to promote a common understanding of your objectives and the limitations of the report.