Buying new investment properties can be both exhilarating and nerve-wracking for real estate investors. The potential for profit creates excitement, but at the same time, the fear of falling into a deep money pit still exists. Hiring an inspector that you trust can help to calm your nerves, and it can even go a long way toward helping you earn the biggest profits possible. Here’s how.
Inspections Unveil Warning Signs
It’s important to note that a home inspection is not a “pass or fail” type test. Rather, it is designed to help you better understand the types of repairs that you might need to conduct in order to rent or sell your home at the best possible price. The most important reason to hire an inspector you trust is to unveil any problems that you may not have otherwise noticed. Things like termite damage or even electrical issues may not be evident to the average Joe, but they’re some of the costliest problems that any investor could face.
You’ll Save Money
It isn’t uncommon for a potential buyer (you) to hire an inspector simply to better understand the home’s overall value. If the inspector finds an issue – for example, if the roof must be replaced – then you have the opportunity to ask the seller to fix the roof before you buy the home. In some cases, you may even subtract the cost of the repairs from your bid, too. Either way, if an inspection helps you reduce the buying price or gets the seller to repair the home, it will at the very least pay for itself. It may even help you save money, too.
It Encourages the Seller to Fix Issues
If a seller knows that you will be hiring an inspector to go over the home, there’s a good chance that he or she will take extra steps to ensure that the home “passes” inspection. After all, sellers do not want to come across as untruthful, and they certainly don’t want to delay the sales process any more than is necessary. In other words, sellers know that an inspector’s job is to point out flaws and safety issues, so they go out of their way to ensure that the inspector finds little in the way of problems.
You’ll Feel Better about Your Purchase
If there’s one single reason why you should hire an inspector you trust to look over a home or property you’re thinking of buying, it’s to provide you with peace of mind. You can feel certain that the price the seller is asking is truly a good value, and you won’t find yourself second-guessing your purchase. Hiring an inspector before you buy is the single most effective way to avoid falling into a bottomless money pit that can lead to stress and diminished profits. It can even improve your profitability in the long run by helping you find the best value for your money.
Property inspections can unveil any issues that might exist within a home or apartment building, encourage the seller to proactively fix problems, save you money, and even help you feel better about the decisions you make as part of your real estate investing career. Always hire an inspector before you purchase any property, even if it seems like a slam dunk.