Here are five tips on how to get the most out of your property.
1. Get quotes for all repairs
Whether minor or major, ensure the hired company or vendor responsible for the due diligence provides quotes for all property items that need repair or replacement. You may later, double check or have a manager prioritize the repair costs and see which make sense and which do not.
2. Ensure plumbing, sewer, and electrical inspections are included
Plumbing, sewer, and the electrical wiring that is not up to scratch can significantly hurt your realty investment. Unlike checking the foundation of a building, which you can usually assess by walking around the building, checking wiring behind the walls or inside the pipes isn’t easy.
It is, therefore, imperative to seek experts that provide due diligence services. Speak in advance with the inspector assessing the property and ensure plumbing, sewer, and electrical assessments of the building are part of the inspection cost.
3. Go for Soil Test
Getting the soil around the building tested is more of a personal preference. Although a soil test can be expensive, it is worth the money as it informs you whether the soil is free of pollutants such as lead that impact the property with issues such as groundwater contamination. A soil test is, again, important if you have plans to do things on the grounds of the property you are planning to purchase.
4. Be Present During Inspection
One effective way to get the most out any property inspection is to be physically present during the inspection. Being at the location is always an advantage, as you can see for yourself what the inspector is doing, and whether he is taking note of all the elements of the property. Moreover, being there helps the inspector show you hard evidence on whether buying the property is prudent for your business.
5. Ask Questions
Last, but not the least, ask a lot of questions. It is one big reason you should be present during the inspection. Ask what and why the inspector is doing a certain things that arouse your curiosity. Clear all silly doubts and don’t be afraid about your reputation being tarnished by posing silly questions. The aim is to have a comprehensive understanding of what aspects require repair and maintenance, and how much they would cost. Take down notes, as you may not remember everything later.
The Bottom Line
A comprehensive property inspection entails a complete assessment of the interiors and exteriors of the building as well as the areas adjacent to it. Owners should, therefore, seek the assistance of an experienced vendors for due diligence of the property they are planning to purchase, as laws regulating home inspections vary from state to state. An experienced company providing pre-construction planning services will help you with an accurate estimate of all the expenditure required and assess if the investment would be profitable or not.