Home Inspection for Real Estate Investors
Real Estate Investors always want a house for a cheap price? Well, it comes with a price. And that price is repairs. Recently I have had some inspections where my client is looking for a cheap house and then seem upset that the home has a lot of issues. For example, the roof is shot, the foundation is cracked or sagging, or the home is full of mold.
It’s okay to try to find a home for a cheap price as long as you are ready and willing to have some work done. But you should do your homework first. Ask yourself these questions:
- Can I do this work myself and save money on contracting it out?
- How much will it cost to get it into the condition I want it in?
- Will I be able to sell it for the amount needed to at least break even?
If the answer is no to any of these then you may want to consider finding a home that better suits your qualifications or wait. If you are a real estate investor you may realize that his is a necessary evil, but the casual home buyer may not have the resources or “know-how” to take on a project like this.
Don’t ever settle on a home because your tired of looking around for one. Buying a home is a huge investment and if you settle on one because it’s cheap or for whatever reason you may have, you are only doing yourself an injustice. I have had several clients who wanted a home until I found all the problems with it and you can see their heart sink. As an inspector I don’t enjoy giving my clients bad news especially if they have their hearts set on a home, but unfortunately it is part of my job. I have to remind myself that this is why I do this job, to protect my clients from getting into something they will regret.
When you’re looking for a home keep these things in mind, do your homework, and don’t settle. If the home cost seems too good to be true, it probably is.