Tips for Performing a Home Inspection
If you are purchasing a piece of real estate for investment, you will need to have a home inspection performed on the property before closing your escrow.
If you don't, you may find yourself at on the expensive end of some unexpected surprises.
Here are some facts about home inspections and tips to help you prepare.
5 Facts About Home Inspection
1. Depending on the square footage of the property, a home inspection can cost you between $200 and $400.
You shoudl be prepared to pay for an inspection to make sure that you're not paying for major issues down the way to make sure your rental is habitable.
2. A home inspection typically lasts between three and four hours.
3. The buyer can typically choose to have a mold and termite testing performed at an additional cost.
While mold would be expensive and troublesome in your own home, keep in mind that it can be hazardous to your future tenants' health.
If mold is found after your tenants move in and it's been there since you bought it, you may find yourself paying more than you would have before.
4. The most common problems discovered during a home inspection are electrical, plumbing, workmanship, and foundation issues.
You'll need to make decisions at this point.
Some of these issues can be fixed so that you're still confident in bringing in a profit once you've filled the rental, but if the price of the repairs will leave you in the negative, you may want to pass on the investment.
5. A home inspection report typically includes pictures and diagrams of the inspection performed.
Main Parts of the Home Inspected
The individual ordering the home inspection has the option to attend the assessment and receive information firsthand with regards to the home’s structure.
The inspector will identify issues firsthand about the home before the builder’s warranty expires and outline specific recommendations.
It can take up to three days following the home inspection to receive the completed report and findings.
The 6 main part of the home that is inspected are listed below.
1. Foundation & Structure
2. Interior & Exterior
3. Roof & Attic
6. Major Electrical Components
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