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Investment Properties
Investment properties can have a fruitful yield if a few pre-purchase precautionary steps are taken. Well-seasoned investors are familiar with “due diligence” when purchasing properties. Those new to building their property portfolio may not be acquainted with this process.
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Due diligence
is the act of investors going over a potential property with a fine-tooth comb. Failing to do so can result in a costly mistake and a failed income venture. The investor (you) should, at the very minimum, get an appraisal, do a thorough walk-through, and get a professional inspection done. Ensuring the title is clear, zoning is appropriate, and a matching survey is also at the top of “to-do’s.”
Wise investors consider a
property inspection as a protective investment. The cost of investment property inspections is based on the square footage of the property. This expense can save you a future of unexpected headaches and is not a place to take shortcuts or pinch pennies.
Failing to have the property inspected by a professional can result in exorbitant, unexpected expenses. Items such as the roof not being carefully inspected can result in
repair or replacement
once you assume ownership of the property. Those costs can range from a few thousand dollars to well over twenty thousand dollars.
The foundation is perhaps one of the most tenuous areas of a property to repair. A certified inspector will scrutinize interior cracks in the floors or walls, foundational sinking, exterior cracks, as well as bowing of walls both inside and out. The
costs of foundation repairs
can exceed over $10,000. During the inspection, the causes of a damaged foundation will be looked at, such as drainage issues, leaky plumbing, and tree root infiltration. All come with their own added expenses.
Mold or mildew mitigation is yet another nightmare you can inherit without a professional inspection. Many sources are not seen by the naked eye and can grow at an exponential rate. The costs to eliminate the sources and remove the associated health risks can be quite large.
Our inspectors will open and close things, turn them off and on, crawl into the attic and crawl spaces, walk the roof, check the foundation, scan the walls and floors, and critique any previous repairs. We then present our findings to you in an unbiased manner. Reports can be about 20-30 pages, and we strive to get your report done and back to you as soon as possible. The amount of time it takes to generate a report varies depending on the property.
ProPrecise Property Inspections has the type of core values that customers seek, especially when it comes to safeguarding an investment. We take the worry out of the unknown by performing an honest and comprehensive inspection of the property, tailored to fit your specific needs. We don’t represent anyone else other than you, and we always encourage you to be present during the inspection.
