When buying an investment property, you may be inclined to skip a professional Real Estate inspection, especially if you are planning to renovate the property. However, a home inspection is just as important for investors as it is for homebuyers.
A home inspection can tell you if there are serious problems with the house that will need a lot of attention and could cost you much more than you planned to spend for the renovations or your investment. If the inspector finds problems with the house, you can ask the seller to lower the price or give you a seller credit to go to the repair costs.
As an investor, there are a few things you would be very careful about during the inspection. Below we’ve listed the main areas to inspect to make sure you’re investing in the right property.
Water pipe
Problems with plumbing can be a major headache, especially if you are not experienced in fixing plumbing problems. With a network of pipes and valves, you definitely want an inspector to check the pipes and water pipes. Repair costs of plumbing can add up very quickly, as plumbing is something you would probably want to professionally repair if necessary.
Foundation
If there is a problem with the foundation of the house, such as a crack in it, you will look at extremely expensive repairs. Adjustments to the foundation are the most expensive repairs you could make to a property. Many investors will leave if there is structural damage related to the foundation and look for another property.
Sometimes fundamental problems can be identified with the naked eye, but other times an inspector will be the only one who will notice them.
Roof Damage
Replacing a roof is the second most expensive repair a property could require. This repair could cost you up to $ 20,000. So, before you prepay an investment property, make sure that the roof is in good condition and remains for many good years.
Roof damage is not always a reason to back out of a new real estate investment, as it can be repaired to extend the existing roof life by many years. If the inspector does find any damage, make sure a professional roofer repairs it as soon as possible.
There are always companies nearby that can professionally repair your roof and extend its life at a reasonable cost. Simply search for your local business channels for such companies. For example, someone living in Texas just needs to search Pearland roof companies to find the right professionals to take care of these services.
Important Devices
As an investor, you will probably replace the oven, refrigerator and dishwasher and redo the bathrooms. However, your inspector should check the most important devices that you replace less often. These include the heating and air conditioning units or systems, electric fireplaces and some recreational appliances such as whirlpools and jacuzzis.
Mold
This fungal growth may seem harmless, but it can cause a lot of damage to a property (and its occupants) if it is not carefully cared for. When mold grows, it could cause rot and weaken the structure of your home. Not to mention that the presence of black mold could cause serious complications for your health.
If your inspector finds problems with any of these parts of the property, consider moving to another property or renegotiating the agreement with the seller.
Watch this space for more information on that. Stay tuned to Feeta Blog for the latest updates about Architrcture, Lifestyle and Interior Design.
