Property Inspection Checklist for Real Estate Investors
When buying an investment property, you might be inclined to bypass a professional inspection, especially if you are planning to renovate the property. However, a home tour is just as important for investors as it is for home buyers.
A home inspection can let you know if there are any serious problems with the home that require careful attention and could cost you much more than you planned to renovate or invest in. If the inspector finds problems with the home, you can ask the seller to lower the price or give you a seller credit towards the cost of repairs.
As an investor, there are above all a few things that you should pay close attention to when viewing. Below we’ve listed the key areas that need to be checked to make sure you are investing in the right property.
installation
Problems with plumbing on a property can be a major headache, especially if you are inexperienced in fixing plumbing problems. With a network of pipes and valves, you definitely want an inspector to check the pipes and waterworks. Plumbing repair costs can add up very quickly as you will likely want to have the plumbing professionally repaired if necessary.
Foundation, endowment
If there is a problem with the foundation of the house, such as a crack in it, expect extremely expensive repairs. Adjustments to the foundation are the most expensive repairs you can make on a property. Many investors will leave if the foundation is damaged and look for another property.
Sometimes foundation problems can be seen with the naked eye, but sometimes it is an inspector who is the only one noticing.
Roof damage
Replacing a roof is the second most expensive repair of a property. This repair can cost you up to $ 20,000. So before you pay a down payment on an investment property, make sure that the roof is in good shape and has many good years to go.
Roof damage isn’t always a reason to get out of a new property investment as it can be repaired to add many years to the life of the existing roof. If the appraiser finds any damage, have it repaired by a professional roofer as soon as possible.
There are always companies nearby who can professionally repair your roof and extend its life at a reasonable cost. Just search your local business channels for such companies. For example, someone who lives in Texas just needs to search for Pearland roofing companies to find the right professionals to take care of these services.
Large appliances
As an investor, you will likely replace the stove, refrigerator and dishwasher and redesign the bathrooms. However, it is the larger devices that you are less likely to replace that your examiner should review. This includes the heating and air conditioning equipment or systems, electric fireplaces, and all recreational equipment such as hot tubs and whirlpools.
Mould
This fungal growth may seem harmless, but it can do a lot of damage to a property (and its people) if not properly cared for. When mold overgrows it can cause rot and weaken the structure of your home. Not to mention, the presence of black mold can pose serious complications to your health.
If your inspector finds problems with any of these parts of the property, consider moving to a different property or renegotiating the deal with the seller.