When you’re deciding whether or not to purchase an investment property, there are a few things you should take into consideration. One of these things involves the inspection of a property. Having the correct information about a property is an important step when it comes to profitability and your long-term investment strategy.
Why should I inspect a property?
Let’s say you have your heart set on a particular property because it seems perfect. However, there are several factors that can help you see a property for what it is truly worth. It’s crucial that you check for any defects or maintenance issues before committing to a property, and working with an experienced inspector can result in a better idea of any issues and required repairs.
Professional property inspectors are well-trained in spotting anything that may seem amiss. They can then provide you with advice in terms of your next steps.
What should I look for when hiring a property inspector?
Similar to finding the perfect investment property, you shouldn’t settle for less when it comes to hiring the best property inspector possible. Don’t be afraid to conduct thorough research before deciding on who will be doing the property inspection. You can read online reviews, talk with a colleague about who has a record of being a trusted and thorough property inspector, or even get a recommendation from those who are closer to you.
Make sure that the property inspector you’re hiring has the qualifications and training experience necessary to do the job right as well. A property inspector who is knowledgeable about a certain property can, for instance, inform you of important building codes for access to key locations. Don’t forget to take the number of years the property inspector has under their belt into account. This can help determine whether or not they’re experienced in working with property investors and know what works best for their client.
Where do I find a property inspector?
As mentioned above, you can find a dedicated property inspector via referrals or conducting your own research. In addition, referrals can come from colleagues, friends, and family members. Your very own real estate agent can also be a useful resource.
Of course, there is also the Canadian Association of Home and Property Inspectors (CAHPI) as an option. The inspectors who belong to this organization follow certain standards and codes, which can help ensure you of their legitimacy and ability to thoroughly investigate a home in an objective manner.
What are some basics that I should know about when inspecting a property?
You are also welcome to do an initial inspection yourself as well before hiring a property inspector. Another option is to create a checklist of basics as well in order to cover any potential issues. Below is a list of some areas of interest that you may consider:
- Attic: Is there any water damage? How is the ventilation?
- Basement: Is the floor damaged? Is there enough insulation?
- Ceiling: Are there any stains on the ceilings?
- Bathroom: Are the showers, sinks, and toilets working properly?
- Kitchen: Are appliances like the stove and dishwasher functioning properly?
Having a thoroughly inspected property can lead to better profits in the long run. Working with a professional on this front is a step in the right direction, as they can note any areas of concern and provide the necessary steps in terms of how to approach them.