The Importance Of A Home Inspection Before You Buy A Investment Property

Before buying a investment property I get out my inspection checklist. The list helps me automate the inspection process and make sure that I get everything inspected both quickly and without missing anything. Making the inspection process a system really speeds up the inspection and takes a lot of the guess work out of the process. I have developed this system for myself after years of inspecting property to buy. It might be a good idea for a first time or relatively new investor to hire a home inspection done by a professional home inspector. The problem I have found with getting a home inspection done on a hot investment property is that by the time you can schedule a inspection the property is usually already sold as is for cash. Sometimes this sale can take place in a matter of hours. If you think about it the seller usually gets his asking price on a fixer-upper immediately so there is no need to wait for your home inspector. That is why I use both my experience and checklist to do a inspection right there. It might be a good idea to take a experienced investor along with you to look at the property. It is amazing some of the things that a home seller will do to hide a big problem from a potential buyer. The following are some of the things that I look for in a investment property.

Roof damage both structural and missing shingles.

Foundation, sinking or cracks etc.

Electrical hazards.

Any kind of dry rot in the structure.

Water and moisture anywhere.

Test the sewer and water lines as much as possible.

Any signs of termites.

Any missing gutters or downspouts.

Rotting wood.

Any attempts to try and hide something.

Any signs of indoor mold.

http://www.epa.gov/iaq/molds/moldguide.html

If the property passes this general inspection I take my clipboard and go into a more detailed cost analysis inspection with another check list that I created for myself.