Home Inspection Checklist for Property Investors: Covering the Basics
For those who are planning to invest in buying and selling real estate properties, a lot of important matters need to be noted. The best thing to focus on is to develop a real estate inspection checklist. These procedures are aimed to make sure that both the seller and buyer would be on the safe side. The results could also ensure that the real estate appraisal will yield the highest value for the property on hand. There are factors that increase or decrease a property’s market price. It won’t take a professional to see that specific parts of a house need repair or replacement. While it is true that professionals still need to be hired for such inspections, having knowledge on the specific things to look at will be an advantage.
The contents of a real estate inspection checklist for inspection procedures are easy to figure out. Every budding investor should take time to know about this. It will give him or her power to negotiate for better deals. Of course, the housing standards play an important role as the basis for these checklists. No real estate appraisal will ever be based on simple guesses or on the whims of the seller/investor. These checklists could be modified according to the type of home or property to be sold.
The exterior areas of the property would be first on the list. These would include pathways, corridor, gutters, hallways, gates, and the fences. The vegetation on the exterior area of the property is also included here. Of course, never overlook an inspection of the home foundation to check for serious cracks. The kind of hazards that would be revealed from this area will be a major factor on the initial pricing of the property. All real estate inspection procedures start from this. Recommendations on an initial level can be obtained here. By carrying out repairs or improvements on the external part of the house, its real estate appraisal value is increased substantially.
The next items on the inspection checklist should cover the interior aspect of the house or property. Generally, proper insulation and protection from moisture are the things that inspectors will focus on. For areas where there is an accumulation of standing water, proper drainage provisions needs to be present at the time of inspection. Stain on the walls as well as on the ceiling readily indicates water leakage or too much moisture. These need to be improved if an ocular inspection of the inner part of the house will be used as basis for the appraisal.
The plumbing system will be covered on the checklist too. The investor could check up on this in advance. Leaks, corrosion, and correctness of the installation ought to be noted. All real estate inspection personnel will never be afraid to get dirty on inspecting sinks, toilets, and even septic tanks. When no problems are noted on such inspections, possible sources of problems in the future will be indicated on the evaluation results. As an example, getting the gaskets of faucets checked regularly is a common recommendation when no serious problem was seen during the inspection.
Next on the checklist is the electrical system of a house or property. There is no doubt that the kind of danger that an improperly installed system could present is not a small thing. Fires commonly start from faulty electrical wiring systems. A homeowner who has sold a house to an investor might have presented an electrical wiring inspection report. However, these things have an expiry period and the inspection needs to be done again. The real estate appraisal value of a specific house will plummet down if an inspector gives it bad ratings. Of course, recommendations will be given and unless an action will be done, the bad ratings will not be wiped out.
The last items on the checklist will cover the aspect of appliances that are already installed. Having these things around during the real estate inspection will definitely boost the market value of the house. Microwave ovens, cooking range units, HVAC systems, laundry units, and other similar things all add up to make a real estate property look good in the eyes of prospective buyers. However, there are also risks that could come from these things. If an inspector arrives, he or she will test only those appliances that have been declared as part of the sale or package. It is therefore very important to indicate which units of appliances inside the house will be sold with the property. Issues of fire safety, exposure to hazardous materials, and other similar risks will be examined the inspector. A homeowner should take the time to address these issues before the inspection is carried out.