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• Electrical problems Faulty wiring , outdated electrical systems and poorly maintained electrical components can be a serious hazard .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