Whether you are an investor looking to purchase a rental property, or a home-owner buying real estate for yourself, it’s always a good idea to get yourself a home inspection!
Here are the top 5 things to look for in a home inspection when investing in real estate that could end up costing you major bucks down the road if you don’t. Buyer Beware!
1. Most residential roofs will last 20-25 years, but when they start to go can cause water damage if left unchecked. Budget $5-$10k depending on the type of and size of roof you have, and even more if there is damage underneath or you need a torch on. These can last for 50 years if serviced properly, but when they eventually go, can cost $5-$6k to replace, depending on venting and if new ducting is required.
2. Foundation issues. This is probably the most important and should be # 1 on the list. Cracks in the foundation can cause water ingress, and lead to moisture issues. A structural crack can be even worse and lead to major damage. Always make sure that your foundation is in good shape, which can be easier said than done if the basement is finished.
3. If you’re buying an older house, make sure that the panel has been upgraded from the old 60 amp panels. And stay away from Aluminum and Knob and Tube systems as the insurance companies don’t want to touch these!
4. Make sure that your lines are copper or even better PEX. Stay away from Poly-B pipes if you can! Ensure that your sewer line is in good shape and that no roots are growing inside of it, or you’re sure to have some issues down the road!
5. Also, double check to ensure that you are attached to the city sewer system, and not something like a septic tank!
Hopefully these tips can help you to buy a rental property or a piece of real estate for yourself without having to incur any major unexpected expenses!
Looking for some advice on buying a rental property or even a home to live in? In need of some property management help? Please contact our property management company.
Chris Stepchuk
June 17, 2017
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