According to Bankrate.com, real estate remains one of America's favorite investment assets. Their recent survey revealed that 28% of Americans prefer this investment method to generate wealth.
Real estate investing can provide several benefits to investors. However, there's one thing that must occur first. Investors must ensure the property they purchase is in good condition.
That's why real estate inspections are so critical. These inspections help ensure that the property is in good condition when you purchase it. Likewise, it can help you with upkeep once you rent the building to others.
We'll explore five things to look for in these inspections to ensure they're effective. Let's jump right in!
1. Leaks and Drainage
Plumbing and drainage issues are among the most common structural problems in a house. At first, they're a minor inconvenience. However, they could escalate and become critical issues if left unchecked.
Bathrooms are often the first place to start your search. Do you notice any leaks in the floor or ceiling? What about in the kitchen?
Foundation cracks can also lead to excessive moisture in basements. Address these issues immediately if you notice them; procrastination can have serious consequences.
2. Damage in the House
The next thing to look for in your property inspection is noticeable damage. These may not be structural problems. Instead, it may involve broken appliances or decorous pieces.
For example, you may notice a broken window in the house. Cabinet doors may not shut. Cracks may appear on the walls.
Note any instance of damage when you see it. If this is a property you've rented out, check whether it existed before your current tenants moved in or not.
3. Plumbing Issues
Sometimes, plumbing issues can remain distinct from leak and drainage problems. Instead, you may have appliances that don't work as they should. For example, you may have a sink with no hot water or a toilet that takes too long to flush.
Noting these issues and repairing them makes the house more inviting to tenants. So, check for any problems like these.
4. Electrical Wiring
Another common problem in buildings is outdated electrical wiring. This problem can affect many aspects of the building, including your HVAC systems and appliances.
Issues like these usually involve professional inspections. Contact a third party to conduct a home inspection for issues like these.
5. Landscaping Problems
Yards are a tremendous appeal to potential tenants and buyers. Tending to yards can significantly increase your curb appeal.
Yard issues generally involve problems from within the home. For example, excessive water in the yard could come from foundation flooding. Or you may have issues such as dying trees that need removal.
Leave Real Estate Inspections to a Property Company
Real estate inspections may not seem complicated at first. However, as you expand your portfolio, it can quickly become challenging to manage. Inspecting each property can be a time-consuming and tiring process.
Property management companies can relieve you of this burden. These companies assist with many practical issues, including routine inspections.
We provide top-grade management services to investors in Salt Lake City and the surrounding areas. Request a free rental analysis today to sample our services!