When buying investment property, you may want to bypass a professional inspection, especially if you are planning to renovate the property. However, a home inspection is just as important to investors as it is to residential home buyers.
A home inspection can let you know if there are any serious issues with the home that will require special attention and could cost you significantly more than what you planned to spend on 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 seller credit to cover the cost of the repair.
As an investor, there are some things in particular that you should be very concerned about when inspecting. Below, we’ve listed the top areas to inspect to make sure you’re investing in the right property.
A property’s plumbing issues can be a major headache, especially if you don’t have any experience in troubleshooting plumbing issues. With a network of pipes and valves, you will definitely need an inspector to check the pipes and aqueducts. Plumbing repair costs can add up very quickly as plumbing is something that you would likely want to have a professional repaired if needed.
If there is an issue with the foundation of the house, such as a crack, you will consider extremely expensive repairs. Foundation adjustments are the most expensive repairs you can make to a property. Many investors will withdraw if there is structural damage to the foundation and seek alternative property.
Sometimes foundation problems can be identified with the naked eye, but other times only an inspector will notice.
Replacing a roof is the second most expensive repair a property might need. This repair could cost you up to $ 20,000. So before you make a down payment on investment property, make sure the roof is in good condition and has many good years to go.
Roof damage is not always a reason for forgoing a new real estate investment, as it can be repaired to extend the life of the existing roof by several years. If the inspector finds any damage, be sure to have it repaired as soon as possible by a professional roofer.
There are always companies nearby that can professionally repair your roof and extend its life for a reasonable cost. Just look for these companies in your local business channels. For example, a person living in Texas need only search Pearland Roofing companies to find the right professionals to handle these services.
As an investor, you’ll likely be replacing the stove, refrigerator, and dishwasher, and redoing bathrooms. However, it is the major appliances that you are least likely to replace that your inspector should check. These include heating and air conditioning units or systems, electric fireplaces and all recreational devices like hot tubs and jacuzzis.
This fungal growth may seem harmless, but it can cause a lot of damage to a property (and its inhabitants) if not properly maintained. When mold grows, it can cause rot and weaken the structure of your home. Not to mention the presence of black mold which could lead to serious complications for your health.
If your inspector finds issues with any of these parts of the property, consider moving to another property or renegotiating the deal with the seller.