Buying an Investment Property? Don’t Forget the Home Inspection

| September 10, 2008 More
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photo credit: colinrego

Are you in the market for an investment property? Just like you would with a home that you purchase for yourself, you need to hire a qualified home inspector. Skipping this step could lead to major problems. Instead of taking a huge risk, you should spend the few hundred dollars to have an inspection. In the long run it will give you the peace of mind you need to move forward with the purchase, or the knowledge to turn the deal down.

An inspection will turn up any possible issues with the property that you are thinking about buying. For instance, if the air conditioner is broke or there is a leak in the basement, you will find out about it. As you can imagine, it is better to learn about these problems before you buy. This way, you can pass on the home altogether or you can negotiate with the seller for a lower price or to have the issues fixed before moving forward.

Are all home inspectors alike? Of course not. Make sure that you hire an inspector who knows what he is doing. If you have purchased a home in the past you may have an idea of who you want to help you out. If not, ask around until you find a qualified professional. Your real estate agent should be able to point you towards an inspector that will suit your needs.

When it comes time for the actual inspection, make sure that you are on site. Many investors skip this step for one reason or the next; do not make this mistake. Instead, you should meet the inspector at the property so that you can be by their side as they look over the home. This will give you the chance to receive quality feedback, while also asking any questions that come to mind.

Overall, you need to move forward with caution when buying an investment property. To ensure that you know exactly what you are buying, a home inspection is a must.

Category: Investment Property

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