Is a home inspection really necessary for real estate investors?
Investing in real estate has many forms and venues. Some investors are in the market to buy real estate properties and rent them “buy and hold”, others want to buy real estate properties and flip them after doing minor cosmetic work on the property “Buy and sell or flipping”, yet others buy real estate properties with the goal of doing major renovation and floor plan change “renovation”, and others buy real estate properties for tear down and rebuild a new building “developer or builder”. It does not matter what is your goal for the real estate property purchase, a home inspection should be part of the transaction before you seal the deal and finalize the transaction at settlement. Investing few hundred dollars in home inspection can save the investor thousands of dollars down the road; armed with the home inspection report, the real estate investor will have a better knowledge of the property and the repairs needed, therefore the real estate investor will be able to get better and more accurate estimates from contractors for the repair which in turn it will help the investor in determining the ROI “return on investment” and proceed with the transaction, negotiate further with seller, or walk away from a potential deal with negative ROI. After all, the investor is in the market to make money and realize a profit, real estate investors are not moved by emotions, they make their decisions according to the facts and the numbers “numbers don’t lie”. Even in the case of tear down property, the home inspection report will position the real estate investor in a strong spot in negotiating the deal.
The last thing a real estate investor wants is to be fleeced by a real estate deal that turns into a money pit.
Looking to become a Residential Property Investor?
Don’t start yet! Get the property inspected by NextDay Inspect as your professional residential and commercial inspector. You are about to take a big step investing in a property. Before you make the final decision, you need to make sure that the property is in a worthy condition, so you don’t regret your decision after the closing.
Most investors require the property to be inspected before they spend their hard-earned money. This allows them to know exactly what they are getting into. If there is anything wrong with the property, they will know about it and will be able to make a better decision regarding their investment. The repairs can be costly or minor, but since the investor has more knowledge of the property, he/she can adjust the offer as per the inspection report.
At NextDay Inspect, we let you know the viability of your investment. Don’t rush into buying a property that you know nothing about. There could be damages or problems which you may not have initially noticed, only to have to pay for them out of pocket down the road. It is important that you don’t waste your money on a property that you cannot make a return on investment.
This is why, at NextDay Inspect, we give you a thorough report on the property after inspecting every nook and corner, highlighting any and all issues. This will allow you to better understand the condition of the property. Next Day Inspect inspectors meet or exceed the Standard of Practice set by the leading industry associations InterNACHI (International Association of Certified Home Inspectors) and ASHI (American Society of Home Inspectors).