Buying a house is often the most expensive investment you will make, and if you are buying to start a rental business, you will have to make sure that your money is put into something that will start getting you returns. There are a lot of things that you will have to make sure are in place before you sign the paper and complete the purchase, like the paperwork, the location, the tax scene and even the local rent levels. Unless you are planning to raze the building down and rebuild, building inspections is a step that you should not avoid.
Here are a few things that will have to be covered as part of the building inspections.
What meets the eye
The first and most basic form of inspection is to go around the building and just look through it. A lot of things can be found that may need work, repairs or replacement right away. Look for cracks, hollow, warped walls, a few heavy steps in the middle of the room will give you an idea about the flooring as well. Never be immediately impressed by the house, never make assumptions.
Professional building inspections
Most sellers will have a report before putting the structure out in the market, but if you are seriously considering the offer, with the seller’s consent, get a professional in for thorough building inspections. Depending on the age of the building itself, you will have to look for more and more things. Building inspections can at times be a bit heavy on the pocket, so be sure of the purchase before calling in the guys.
You can either conduct the building inspections yourself if you have enough experience and confidence, or hire a professional to do it for you. Either way, it will do you good to get it done before you put down your money.