Investor Inspections With Superior Service
AS AN INVESTOR, WHAT SHOULD I KNOW ABOUT GETTING AN INSPECTION?
Whether you’re an individual looking to buy a home for personal use or you’re considering investing in real estate as a business venture, the basics of the home inspection process are the same. Real estate investors, however, should carefully assess inspection results and evaluate the value of a home in terms of return on investment. Are you going to have to spend too much money on repairs in order to make a profit? Investors who are thorough and know how to interpret inspection results are best at making informed decisions that will lead to fruitful investments.
The Top 5 Most Common
Questions Asked By New Investors:
WHAT DOES AN INSPECTION COST?
Inspections can range from $300-$500 dollars depending on the size of house you are considering. This may sound like a lot, but it’s worth knowing what you’re getting yourself into before you decide to buy.
HOW LONG DOES AN INSPECTION TAKE?
Most inspections take about 2-3 hours. Times can vary depending upon the size of the house, any issues that are uncovered along the way, and the age of the house.
WILL THE INSPECTION TELL ME HOW MUCH IT WILL COST TO FIX THE ISSUES FOUND IN THE HOME?
No, the inspector is only there to assess the house. However, it would be ideal to have a contractor present during the inspection to answer your repair questions.
WHO SHOULD BE PRESENT DURING THE HOME INSPECTION?
You, your contractor, and your project manager should be present during the home inspection.
CAN YOU ASK QUESTIONS?
Absolutely! There is no better time to bring up concerns about the house than while with the person in charge of assessing the stability of the property, so ask away!
The Investor Property Review
The Investor Property Review Is An Inspection That Focuses On Major Systems Only
INVESTOR INSPECTIONS ASSESS THE OVERALL CONDITION OF THE FOLLOWING:
- Heating and air conditioning
- Plumbing (i.e. water leaks and other obvious plumbing issues)
Inspectors will delve into a home’s electrical system, plumbing, physical appearance, and structural integrity. Once the inspector finishes an examination of the house, they will present their conclusions to the investor. Every issue found with the home will be addressed. Then it becomes a matter of separating serious issues from minor ones. If an inspector finds problems that would be expensive to fix, it may be an indicator that the property is not worth your investment or that the price is too steep.
Commercial Real Estate Inspection:
The 3 Most Common Inspection Points
Exterior: Exterior areas include landscaping, parking facilities, the building structure, and the roof.
Interior: Interior areas include floors, walls, kitchen facilities, offices, bathrooms, and all other interior components of a commercial building. This inspection gives an investor information necessary to determine the cost required to bring interiors up to date. The interior areas of a commercial building must also meet local building codes. An inspection should reveal if the property poses any safety issues for its occupants.
Systems: The systems of a structure include mechanical, electrical, plumbing, heating, ventilation, and air conditioning. An inspector will verify whether all systems are in stable working condition.
Real estate investors request commercial inspections in order to be aware of the actual condition of a property. Only then can they determine how much it will cost to make necessary repairs and ultimately decide if the property is going to be a worthwhile investment.
What Is The Inspections Process For Investors?
Due diligence inspections include the investors analysis of a seller’s disclosures and any home inspections that the investor wants to make with regards to the property.
THESE MAY INCLUDE THE FOLLOWING:
- Assessment of the walls, foundation, and roof
- Findings of any hazardous substances
- Physical condition of the property
The purpose of a home inspection is for an investor to understand the actual condition of the property he/she is considering for purchase. This gives the investor the facts needed to make an informed decision as whether or not to buy.
The Most Important
“Need To Know” About The Investing Business:
There Is A Difference Between An Investment And A Home
Many investors make the mistake of treating their real estate investments like the homes they live in. This is one of the easiest ways to fall into a budget deficit on repairs and lose out on potential returns over time. An initial home inspection can ensure the property in question is going to be a safe and profitable use of your money.
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