There are few things that you spend as much money on as your home. It might just be edged out by your kids. And if you invest in property to rent or flip, you put even more of your hard-earned money into buying homes. So it’s crucial that every penny you spend is spent wisely, and you don’t accidentally invest in a pile of junk. But figuring out whether a house or apartment is worth buying is easier said than done. Everything may look great on the surface, but underneath it could be a different story. Next time you view a property, whether to live in or as an investment, don’t forget to perform these essential checks.
Do Your Own Inspection
When you view a property, there are plenty of checks you can do without any expert knowledge. You can check the plumbing by flushing the toilet or turning the water on in the kitchen. Turn lights on and off and verify the condition of electrical outlets, as well as making sure windows and doors open and close properly. You might be able to notice things like damp using your nose as well as your eyes. Any issues you spot might be cosmetic problems that you can fix quickly, but it’s good to be aware of them.
If you’re getting closer to buying a property, a professional inspection is in order. A home inspector will come and view the property to look for structural problems, safety hazards and areas of the home that need updating. During the home inspection, they can check things like the water heater, electrical wiring or safety of the glass used in the windows. Once you have the results of the inspection, you can use them to negotiate the price for the property or even decide to stay away from it all together.
Home inspectors may not be able to check some of the safety aspects of the property for which they might need a license. For example, you might want to have an audit performed for asbestos, the presence of lead or other toxic substances. They might also need to have a separate check performed to find mold and mildew or to spot pests such as termites or rodents. It’s important to consider these things before buying a home, although they may not all be necessary to inspect for.
Another check that you might want to perform before investing in a property is a title search. You can use a title company to check the home and make sure that the title is legitimate. This check is to ensure that once you have bought the house, it is rightfully yours and there are no other claims to it. Your mortgage lender may perform this check for you and charge you for it, along with other fees.
Make sure you protect yourself and your money when you buy property. Don’t jump into it without being fully aware of what you’re buying and whether you’re paying the right amount.