Need to Get Inspection Before Buying an Investment Property
If you are serious about buying an investment property, then make sure you pay a professional to have it formally inspected. If you’re low on budget and hiring a professional can be costly, then make sure your purchase is meeting certain requirements. After all, you’re going to buy the property to make money, and not to drain your pocket book.
Look for the potential problems that may prove costly in the future before signing on the dotted line, while you are still in a position to negotiate.
Here are the top things you need to check before buying an investment property.
The Roof
Usually, no person would bother to have a look at the roof when visiting for a home inspection. And sometimes it may be hard to get into the attic to take a look from the inside. But, when you are serious about making a purchase of a profitable property, make sure to know exactly the types of the roof the home is having and whether it requires the repair work or not.
You can make your purchase contingent on repair or a reduced sale price, depending on the repair work that is required due to the damage.
The Heating and A/C
As a professional investor, you must be able to identify the issues that can crop up with the fireplace, furnace and air conditioning. May be the furnace or air conditioning is improperly installed or the flu for the fireplace could be stuck or it might be clogged.
So, knowing the potential issues that may arise with the furnace or air conditioning in advance is a better choice to inspect the home like a pro.
The Foundation
Another great reason to have the investment property properly inspected is to have a look at the foundation. The structure upon which the property is built is one of it’s the most important elements of a building. In order to get a proper inspection of the foundation, you may need a professional as it requires several tools to determine how level the floor is or how to identify if any shift is due to structural deficiencies.
Electrical Wiring
If you read the news daily, you must be aware of the fact that nearly 90% of fire incidents around the world take place due to the bad quality wiring in the buildings. The current occupants of the home may be just fine with how things are, but you may not want to let your tenants suffer due to the bad quality wiring. Some wiring may be approaching the end of their life span, and hence it is always better to have a look at the electrical wiring before buying an investment property.
A professional inspection can help you know how outdated the electrical wiring is and know how to negotiate over the property.
The Pipes
I bet you don’t want to sleep in a room with water dripping from the roof or the walls just because you failed to inspect the pipes. A proper home inspection can reveal hidden leaks in the plumbing system. You may want to know about the age of the pipes used for plumbing system as the aged pipes, in general, are a potential problem for homes of any significant age.
Old homes are usually likely to have damaged or nearly-dead pipes which make it harder to get insurance and the cost to replace them could be an additional $10,000 or more.
Originally Published at InvestmentRealEstate.biz
Look for the potential problems that may prove costly in the future before signing on the dotted line, while you are still in a position to negotiate.
Here are the top things you need to check before buying an investment property.
The Roof
Usually, no person would bother to have a look at the roof when visiting for a home inspection. And sometimes it may be hard to get into the attic to take a look from the inside. But, when you are serious about making a purchase of a profitable property, make sure to know exactly the types of the roof the home is having and whether it requires the repair work or not.
You can make your purchase contingent on repair or a reduced sale price, depending on the repair work that is required due to the damage.
As a professional investor, you must be able to identify the issues that can crop up with the fireplace, furnace and air conditioning. May be the furnace or air conditioning is improperly installed or the flu for the fireplace could be stuck or it might be clogged.
So, knowing the potential issues that may arise with the furnace or air conditioning in advance is a better choice to inspect the home like a pro.
The Foundation
Another great reason to have the investment property properly inspected is to have a look at the foundation. The structure upon which the property is built is one of it’s the most important elements of a building. In order to get a proper inspection of the foundation, you may need a professional as it requires several tools to determine how level the floor is or how to identify if any shift is due to structural deficiencies.
Electrical Wiring
If you read the news daily, you must be aware of the fact that nearly 90% of fire incidents around the world take place due to the bad quality wiring in the buildings. The current occupants of the home may be just fine with how things are, but you may not want to let your tenants suffer due to the bad quality wiring. Some wiring may be approaching the end of their life span, and hence it is always better to have a look at the electrical wiring before buying an investment property.
A professional inspection can help you know how outdated the electrical wiring is and know how to negotiate over the property.
The Pipes
I bet you don’t want to sleep in a room with water dripping from the roof or the walls just because you failed to inspect the pipes. A proper home inspection can reveal hidden leaks in the plumbing system. You may want to know about the age of the pipes used for plumbing system as the aged pipes, in general, are a potential problem for homes of any significant age.
Old homes are usually likely to have damaged or nearly-dead pipes which make it harder to get insurance and the cost to replace them could be an additional $10,000 or more.
Originally Published at InvestmentRealEstate.biz
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