It’s safe to say investing in property has always been a smart yet safe way to ensure financial leverage and stability. Not only does investing in property provide certain benefits- tax advantages, appreciation, profits through business etc, but it is a type of investment with lower risk that allows individuals to diversify their portfolios. That being said, you shouldn’t just go out there and invest in the first shiny building you see. Ever heard the saying “all that glitters isn’t gold?” Well, it’s true. Premature property investment can be a real pain and many people find themselves in a dilemma when it’s simply too late. Why? Because they did not thoroughly inspect certain key things before saying the big ‘I do’.
Fret not however, you don’t have to be one of those people. Knowing exactly what to inspect and consider when buying an investment property can save you a lot of stress- and money. And who doesn’t want to be spared the stress and financial loss? Therefore, we’ve outlined three major things to inspect and consider below.
What to inspect when buying an investment property:
- Plumbing– This one comes first because this is an area many people mess up in and end up having to pay thousands in fixtures later down the line. The very first thing you should do to ensure the plumbing is secure is of course get verification from the seller. Did the seller verify? Great. But do not depend on reassurance alone. Ensure you have thoroughly inspected the property’s meter and its valve to see if it is fully functioning. Then, be sure to inspect and confirm the property has a solid (no pun intended) waste disposal system. This means no foul-smelling scents in the vicinity of the septic tank or its surrounding soil. Also, flush. every. toilet. and run. every. faucet. You want to ensure that every system that dispenses water has been checked. What you do not want is leaky pipes or even potential water damage. So, you simply must ensure the plumbing of the property has been thoroughly inspected before making the decision to purchase.
2. Electrical– You may read this one and think ‘duh’ but you’d be surprised at the number of people that fall short in the electrical inspection arena and end up paying big bucks later. For starters, it is a major potential safety hazard if the property’s electrical wiring is out of whack. You surely don’t want to have random items or areas going ablaze. If you truly have no idea how to thoroughly inspect the electrical wiring of the property, your safest bet is to hire a professional to get the job done for you. Yes, you may have to spend a few extra bucks doing this, but that would be nothing compared to the price paid after potential disasters or even once a month when random wires decide to go berserk.
3. Heating and Cooling– Sure, you can do this yourself however, if you have no idea how to truly inspect your heating and cooling- ever heard of an HVAC inspection? This is the inspection of a property’s heating, ventilation, and air conditioning conditions by a qualified technician. Paying for a professional HVAC inspection before purchasing a property is wise because not only will this grant you the security that all is well in these departments, but your technician can also point out potential issues that may arise in the future. This will help get rid of your cold feet (get it?) 😊
So yes, purchasing an investment property can be scary and overwhelming, but knowing the major or key things to inspect will give you the confidence and security you need to take the next step. Be sure to take these three things into consideration before purchasing your next property to avoid potential financial loss and pains. After all, the only pains we want are windowpanes.