Obtaining an in depth building inspection in purchasing an investment property is an important step as you undertake the due diligence process. The target should be to get an intensive assessment of the house ‘top to bottom’ and gain a good understanding of its major physical elements. Selecting the incorrect INSPECTOR/FIRM – to be able to secure a full physical review, you want an inspector who is capable, thorough, and trustworthy. Look beyond their website/job application – meaning you want to check with past clients and references, ask for credentials/professional affiliations, and their network of trade specialists (ie. They should also carry sufficient insurance that they can offer proof of.
Going with the LOWEST PRICE – the lowest priced is often the least experienced and often times supply the poorest service. Not an area where you want to be focused on saving a couple of hundred dollars – keep in mind you get what you pay for! Not doing a WALK – THRU with the Inspector – in our go through the time spent at the property with the inspector (be it 1-2-3 hours), is very helpful and an integral step of the inspection process. You can experience the assessment of the house, through the optical eyes and words of the inspector.
It also provides a great chance for Q & A, as you re-visit the house with more of a critical view of its condition. Not following through to INSPECTOR’S RECOMMENDATIONS – as deficiencies are recognized, a couple of recommendations (fixes) also needs to be outlined. This might involve attracting other specialists (ie.
Once these costs are decided, you can either accept them then, or look to the seller to correct or make up for them. Best practice is to resolve matters relating to ‘identified deficiencies’ within the homework period – not waiting around until after closing. Expecting the INSPECTOR TO PREDICT THE FUTURE- even the best are no better at predicting the near future, economists, or sports handicappers then.
Matters associated with the life span expectancy of HVAC units and roofs, are educated guesses at best and really should be viewed as such. Your expectations should be centered on the ‘here and now’ and anticipate getting the best assessment of the health of the property today. Only a final comment on’ employing an inspector’ – remember their work is not at all dependent on the offer going forward and the transaction closing. You pay the charge regardless of the outcome of the deal and their interests as a result, are truly consistent with yours plus they focus on your behalf!
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