If you’re serious about buying a property for investment, pay to have it formally inspected.
You may even want to make your purchase contingent on it meeting certain requirements. After all, your investment property is supposed to help you make money, not drain your pocket book. You’ll want to uncover any potential problems before signing on the dotted line, while you are still in a position to negotiate.
Though it costs several hundred dollars to hire a home inspector, they have an important function. They see a property the way no one else does. They don’t care about the crown molding or the bathroom tiles, and they don’t see dollar signs with every potential unit that could generate income. Their judgment is not clouded by emotion or investment potential. On the contrary, they are motivated to find flaws — to identify liabilities that could cost you, as landlord, a pretty penny should something go wrong.
Here are five reasons to have your investment property inspected before buying it.
The typical home tour doesn’t include a trip to the roof. Sometimes it’s hard to get into the attic to take a look from the inside. A professional inspector would know exactly the types of evidence they are looking for and they have the insurance to pay for the liability of crawling around on the roof. You can make your purchase contingent on repair or a reduced sale price, depending on the extent of the damage and how much work you’re willing to put into the property once you get it.
The Heating and A/C
You probably could get a gander at the fireplace, furnace and air conditioning, but unless you’re an experienced professional, you’re likely not going to be able to identify lot of the issues that can crop up with them. The furnace or air …read more