PROPERTY INSPECTIONS
Taking Care of your Investment
Property inspection guidelines
BY KEVIN BISHOP
Are you buying someone else’ s issues? This is a question all property buyers and investors should be asking themselves. Purchasing a property can be an emotional process, which can often lead to us making decisions based on how we feel about a property, overlooking its condition. Emotion can cause us to decide on something before having taken all of the facts into account. The key here is to look into the condition of the property through the eyes of a qualified and independent inspector whose only objective is to observe and report what they see. This gives you, the buyer or investor the insight to make an informed decision and avoid the painful lesson of hindsight.
An independent property inspection not only offers value to the buyer. A seller can benefit from the increased“ saleability” of a well-maintained property and can avoid legal recourse with respect to hidden defects. Estate Agents can benefit from a great marketing tool in the form of a“ clean” report, as well as having full-disclosure protection from future legal claims. Essentially, an inspection by an independent third party promotes communication between buyer, seller and agent making for a quicker and more efficient sales process.
A property inspection is a detailed and systematic visual inspection of the property, its structures, design and fixtures that will provide a transparent understanding of the property ' s“ vital signs”. The bottom line is that having a property inspected before you buy( or sell) just makes sense. A home is the largest financial investment the average person makes in their lifetime and the cost of an inspection for the peace of mind alone is money well spent.
WHAT TO LOOK FOR
Whether buying, selling or investing, here are some common defects to be aware of. Some are easier to identify whereas others would require more expertise and a better trained eye:
• Rot Wooden components exposed to water may begin to rot over time. High risk areas include kitchens, bathrooms and outside areas that are exposed to the elements.
• Plumbing problems This includes geyser defects, leaking pipes and low water pressure.
• Electrical problems Faulty wiring, outdated electrical systems and poorly maintained electrical components can be a serious hazard.
• Poor drainage Does the grading of the property promote drainage away from the property structures? What is the condition of gutters and downspouts? Are the gutters and downspouts free of obstructions such as leaves and other debris? Answering these questions effectively can save you much time, frustration and money.
• Roofing problems Broken or missing tiles, poor flashing and insufficient drainage can lead to major problems within a property due to having a roof that leaks.
• Rising Damp Bubbling paint, plaster peeling away from walls and cracks in the paint or plaster are all indicators of the presence of damp within a property.
These defects are amongst the most common but there are many others that, if not correctly identified, can result in unjustified and costly repairs as well as wasting valuable time and energy on drawn out litigation.
THE ULTIMATE PROPERTY INVESTMENT RESIDENTIAL GUIDEBOOK 27