Buying an investment property is just like a home that you will live in. You want to make sure it is in good condition before you agree to the purchase. One of the best ways to do this is by having the property inspected. If this is something you are not going to do you are taking a very big risk.
But I don?t want to spend the money on an inspection? Generally speaking, a home inspection costs anywhere from $300 to $500. Yes, this is a lot of money for many people. But remember, any flaws that are found can save you a lot of money in the long run. Take for instance something like an air conditioner that is on its last legs. If you don?t have the home inspected you may never find out about this and end up spending several thousand dollars on a new unit in the near future. On the other hand, if you learn of this through an inspection you can ask the seller to fix or replace it before you move in. In this situation you will save yourself way more than the cost of the inspection.
As the home is being inspected, you should follow the inspector to ask questions. He can explain what looks good, what looks bad, and what you need to keep an eye on in the future. And remember, asking questions is a good thing. Anything that is on your mind should be addressed.
Before buying an investment property you definitely want to have it inspected. This can save you a lot of heartache and money in the long run.
Category: Investment Property