Not just for investors – these tips can work for everyone since a home is the largest investment you will likely make in your life.
Keep in mind, it would be unlikely for any home inspection to find absolutely no problems, because no property is perfect. It will be up to you to decide which items are important for you, and which are not.
Investors often have a contractor they use to make repairs and slight renovations to their properties. One of the largest questions that home investors ask is if they should use their contractor as their home inspector. Most are thinking that since the contractor is going to do the work anyway, they may as well be the one to check the property and save money that would have been paid for a home inspection.
There is nothing wrong with bringing your contractor to look at the property before purchase; it’s actually a good idea since they can help create the budget for needed repairs and updates. Home inspectors do not provide recommendations or estimates for any fixes required, so you will definitely need the input from your contractor. Bringing your contractor with you to the inspection will save time later since you will not need to relay information.
You will still want a home inspection by an independent third party. More expert eyes are always helpful when you’re talking about an investments of this size. Most contractors have not been trained in all of the details surrounding a home inspection, and will likely be more focused on making fixes than determining why a problem exists – which is an important distinction.
If you’re planning on flipping the property, a home inspection before you purchase will help you find any issues that future buyers will find when they have an inspection performed before their purchase. This will allow you to address the issues in your rehab from the beginning, rather than be surprised when you turn around to sell.
Some more experienced investors, or those that prefer to hold onto the property such as for rental purposes, sometimes choose to skip the inspection and it’s associated fee. Keep in mind, the low cost of a home inspection upfront can help avoid some very costly repairs in the future. It can also help if your contract is contingent upon a home inspection; if the inspector finds issues that are potentially major, time consuming, or costly, having the inspection report can help you negotiate repairs from the seller, lower the cost in lieu of repairs, or determine that you do not want to move forward with the property.
Do not forget, it’s not just residential properties that can benefit from an inspection. Commercial property inspections – such as retail spaces, service businesses, and multi-family residences – can also benefit from having a professional inspection performed.
Semper Fi Home Inspections can assist with residential and commercial inspections. Book your inspection by calling 682-351-2267 or schedule your home inspection online.