One of the most important members of your real estate team is the individual who performs the necessary and crucial inspections. Your home inspector is one of the most important people on your team.
After you have found that great investment opportunity, have gone through the grueling negotiations and have agreed on the price, the work is not over. For example, there is a need to hire a closing company to be assured there are no problems with the title and ownership of the property. The investment spent on this is well worth it.
Hiring an inspector is also an investment that is not only required but a total necessity. Property inspections can protect you from paying lots more in the long run as they can detect things that you cannot find from a few visits going through the property. Inspections also detect issues that you cannot possibly see and can also prevent problems before they arise.
A termite inspection is a service that is offered when you hire a home inspector. No one wants to be bugged with termites (no pun intended) as these critters can do damage beyond repair and may have already done so. Damage to the structure of a home or property is very hard to see most of the time and unless you are an expert, you may never be able to see them until it is too late. Damage from termites can wipe out any value in a property because it is expensive to rebuild. In fact, it is much more costly to remodel or repair a home compared to building new.
Most lending companies require an annual inspections and preventive treatments. Be sure that you get reports in writing. Keep these reports filed away and refer to them annually. Use reports to check the previous year and plan for the coming year.
Take caution when interviewing, researching and finding your home inspector. There are home inspectors who make huge claims as to their knowledge of inspections and their knowledge of all aspects of your investment. However, having stated this, many individuals are competent professionals who come from different backgrounds and are or were home builders and engineers who branched off into home inspections.
Many inspectors are well meaning and can give you a long list of their credentials and their abilities. Yet there is one issue that you will most likely face. Many are not qualified to do all the inspections and test that they conduct. For example, some homes are on individual septic systems although they are located in municipalities. These properties should be inspected by a state health department or professionals who have passed certain exams or qualify to walk over these disposal areas and visually verify that they meet regulations and standards.
A simple way to select an inspector is to ask what he/she intends to inspect and ask what his/her qualifications are for each one of these separate inspections. Interview several of inspectors. Refer to state and local officials about what would make each inspection legitimate. Make sure each one offers a warranty of his/her inspection and that they are bonded and insured.
As stated earlier, home inspectors play an important role in your real estate team but be cautious and don’t just take their word on what they are qualified to do. A true professional will not be upset about your need to verify and check on their credentials and experience. They will actually appreciate, respect, and invite your investigating them as this will help reduce their competition. Remember, this is your team, it is only as good as you require it to be. You have a lot riding on your real estate investments. Choose each individual on your team cautiously.