Keeping a Property Inspection Checklist handy whenever you hunt for real estate gems can save you a lot of costs. Calculating the costs and making wise choices is one of the keys to ensuring your investment success. You sure like to avoid wasting your money on properties that call for multi-dollar repairs! What’s worse than being trapped on the real estate pit is that you are also spending too much effort and time on it, making sure that it turns out attractive before putting it on sale.
The smartest way to prevent this real estate property flipping dilemma is to always bring with you a Property Inspection Checklist. More than merely being your guidelines, a Property Inspection Checklist is your best tool in identifying the properties that can yield you the greatest profits. Here are the most important factors that must be included in your Property Inspection Checklist when you conduct a thorough home inspection:
Property Inspection Checklist
When conducting home inspection, be sure to look for crack and crumbles in the walls and ceilings, especially in the basement area. This is a great indicator that the foundation is crumbling and may need a major repair.
2) Water and sewage problem
Be sure to have your plumber inspect your potential failure to identify water and sewer issues before your purchase the property. Moulds or mildew and foul sewage smells indicate that there may be extensive plumbing issues. Plumbing and sewage issues can be expensive so avoid properties that feature potential problems in these areas.
3) Trees/Property Line Issues
A thorough home inspection also include eyeing for possible problems within the property surroundings. Be aware of any issues that concern large/and or old trees encompassing the house. Fences usually help in determining the separation of properties but you’ll never know. While these may seem very little to notice, these can place you in combat with your neighbor/s. When this happens, you will need to get the city involved in identifying the extent of your property that you can legally claim or sell.
4) Health Hazards
Avoid buying properties that have asbestos and have toxic pollutants coming from chemicals. Also, excessive lead-based paints are infamous contributors to environmental pollution so check on it as well. You don’t want to overlook these issues and become concerned only when it’s your turn to re-sell the property.
5) Residential Add-Ons
If you find a property that has a new addition such as an extra bathroom or a bedroom, check for the permit to build these add-ons. The lesser you have to spend on keeping the property up to code, the better.
All these issues, when not checked thoroughly through a home inspection, can be costly for you. Remember, your objective is to create large yet reasonable profits from your purchased properties so better put your clearest vista and bring your most comprehensive Property Inspection Checklist. Just like me, I am sure that you want to yield a good ROI. While the search and home inspection process can be very tedious, it is the wisest move to take if you seriously want to dominate the real estate industry. One trick is to take your time and have your “A-Team” do the math for you.
Upon finishing the home inspection and you find out that the property isn’t that viable, save yourself your own time, money and effort by directly moving on to the next property. You don’t have to dwell on these overly-distressed properties because there are certainly a lot of other great finds for you!
Real estate investment is truly a promising endeavor. Don’t get discouraged by the economic un-stability because believe me, NOW is the PERFECT TIME TO INVEST in real estate. All it takes to succeed in this business is patience and dedication. Don’t be fooled by sugar-coated lies of home sellers that these issues are all but small and un-important and can be easily and cheaply corrected. Stick with your Property Inspection Checklist.