One question which seems to be commonly asked amongst those who are interested in real estate investment, particularly in flipping properties, is if a real estate inspection is actually needed. The long and short answer to that question is absolutely and I’ll do my best to explain exactly why this is so.
To begin with, a real estate inspection is the act of having a qualified (and in lots of states, licensed) professional take a look around the property you’re considering and informing you of obvious and potential damage or problems with the property. This is not something you want your uncle Bob doing, unless of course, good old uncle Bob has had the training and experience to know what to search for in an inspection and know what those things could mean.
Many who’re planning to flip properties enter into the situation (especially first time flippers) with the attitude that they know there are problems with the property and that is why they’re buying the property. The problem is that the untrained eyes may miss some problems that should be addressed prior to moving along to other problems.
For example, if there were obvious signs of plumbing problems that could lead to a leak behind the wall, you wouldn’t want to paint that wall or replace the floors till you had the possible leak checked and either confirmed or denied and repaired if necessary. Otherwise you would most likely need to undo the work (wasting both time and money) that had already been carried out by the time you found out about the leak that a competent inspector would’ve told you about before you even started working on the property.
Inspections are excellent before placing the bid on a house simply because they actually give investors a bargaining chip. For the true (at heart) investor this is a fact that simply can’t be ignored as it directly affects the bottom line price. If the roof needs to be replaced, you’re justified in offering a lower amount. If the electrical system has to be updated, this is something which ought to be adjusted or amended in the final offer. These are likewise things that are easily identified by a qualified and competent property inspector. Any thing which can save time and money is good when investing in property and an inspection can do both.
One more wonderful thing about a good property inspection is that it often sheds light on the amount of money which will be needed to be able to get the house in good working (or flappable order). Knowledge is very important in this line of work and can mean the difference between taking on a project (if the repair budget won’t exceed the eventual value of the property) or walking away if the expenses would be too great to turn a decent profit. As an investor, you must never accept a property that’s pretty much certain to be a failure, it is merely not a wise financial move to make. It doesn’t matter how much the property calls to you on a personal level in the business of investing. The bottom line is the only call you ought to be taking.
More importantly nevertheless than any of the things pointed out above, a proper home inspection can inform you of potentially hazardous conditions within the home that the untrained eyes may not take notice of. A few of these things include toxic mold, which can be financially devastating and also hazardous to your health; foundation issues, and structural damage that is threatening the integrity of the property. An inspector should also notice the structural integrity of homes that could affect your home if they’re weakened or fail all together. Whilst these things appear so simple, it is frequently the simple things which result in the greatest disasters. Whether or not you realize it, a good home inspector is among the best tools you are able to have in your arsenal with regards to flipping real estate as an investment venture.
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