While there’s undoubtedly money to be made when investing in real estate, how can you make sure that you don’t have a major fixer-upper on your hands? The only way you can get an in-depth sense of your property’s bones is through a home inspection.
Even if the ticket price of the inspection might be alarming, it will be worth it to know what kind of long-term commitment is in store for you.
If you’re new to the investment property game, you might not initially see the importance of having a routine inspection for a property that you won’t be living in. But a savvy property owner will have regular inspections to ensure that they’re doing their investment justice.
We’ll share with you some of our most popular reasons why property owners aren’t skimping on their investment properties.
Revealing the Truth
To the untrained eye, some of the more minor problems with a home might not seem like a big deal at first. It’s a home inspector’s job to uncover the truth and determine what kind of repairs are needed in an investment property.
If you leave these issues to their own devices, you’ll end up cutting into your profits and your time. And while some of the problems might seem like expensive headaches now, imagine what they would look like if the inspector hadn’t brought them to your attention!
Even if there isn’t anything glaringly wrong with the space, a property inspection can help keep you from shelling out for costly repairs down the line. Inspectors will check for plumbing issues, roofing or chimney problems, and even pests.
When caught early enough, a quick patch up on a roof is much easier and cheaper than replacing the entire thing.
A well-maintained property is also one that’s safe to live in, and a property inspection can check for anything that could threaten a tenant’s safety. For example, an inspector will investigate HVACs for clogged or dirty filters, which are a fire hazard.
Mold is also a prevalent issue for some property owners, and it can hide in plain sight. This can end up becoming an enormous liability, as any tenant who becomes sick from mold can hold you accountable.
Protect Your Investment
Once you’ve taken care of your home’s inspection, it’s time to take action. You’ll want to hire qualified contractors to care for your property’s specific needs. For example, if you’re experiencing chimney issues, you might want to visit chimneyrepairdetroitmi.com to get an idea of what a specialized contractor can do for your space.
The more qualified a contractor is in their field, the more money you’ll end up saving on your investment in the long run.