Three Things Most People Don’t Look at When Buying a Property
We are all probably to used to watching HGTV and getting sucked into the cosmetics and appearance of a property. In reality, it is the things you don’t see on the surface, usually the mechanics of a property that are vital when buying.
Three Things Most People Don’t Look at When Buying a Property
1.) Look under the damn sink!
We love to look at the kitchen countertops and the cool farmhouse sink, but how often to you open up the doors beneath and take a look at the pipes and condition of the cabinet?
Any signs of leaks? How about past water damage? Furthermore, what type of pipes are present? Something such as polybutylene piping is a red flag as it will likely need to be replaced in order to get insurance on the home.
2.) Forget the Freaking Paint Job!
When stepping into a home the least important thing is what the paint looks like. A re-paint to your tastes in one of the easiest things to get done.
You know what is not easy to deal with? An old breaker panel that may not be insurable and is expensive to replace.
3.) Test that climate!
Turn on the heating or air conditioning. Does it sounds like a diesel engine just started up? How old is the HVAC or furnace?
What type or heating or air is it? There is a big cost difference in electric heat vs. gas and in a northern climate that will hit the wallet hard for you or your tenant.
Last but not least…
Get an inspection done by a professional. They will find all this stuff for you, but why make an offer and waste time and money on something you would have bypassed on had you already known about it.
Plus, you can factor these things into your offer before you go under contract and spend money on an inspection.
There was an old commercial I remember as a kid and the tagline was…”the more you know.” The more you know the better in real estate, that is for sure!
Be sure to know all the ABC’s of rental property investing by reading ScaredyCatGuide to Rental Property Investing.
I really dislike... no, almost abhor walking into a flipper house.
Seeing all the nice paint job, and the new counter and new carpets.
From my point of view, they did all the easy work... which i will probably have to undo, to get at any real problems.
So... thanks a lot, for adding extra cost to the house and doing nothing.
In real estate, if you walk onto a property and notice a major problem or violation, can you notify the seller's agent, and are they then obligated to disclose that to future buyers?
That is a very good question and am not sure of the answer. You'd like to think they'd do so regardless but unfortunately it is an ugly world.
I often think about things like the paint, or even holes in the walls, and how focused people seem to be on little stuff like that. I don't care about anything like that. I can technically repaint, even if I hate it. I can repair a hole in the wall faster than I can repaint likely, though it is slightly pricey to buy all the things to do the repairs, you get a lot more off the price usually than the price of the holes.
There is one thing in the kitchen that I do pay a lot of attention to though: what are the counter and cabinets made out of? That cheapo press board that they make kitchens out of too often is worthless. That stuff gets water damage WAY too easy. You can't put that in a rental home without realizing it will likely be destroyed every few years. Of course, many then blame the tenants...and they are kinda responsible...but that stuff is so cheap it's bound to happen. So if I see that stuff in a kitchen I just consider I'll have to replace the entire kitchen within 2 or 3 years at most pretty much.
Yep, not a bad way too look at it at all. Seems that material is common in a lot of stuff here in FL.
Where was this when I move back to the States! All three have been things I have needed to replace since I bought my house 4 years ago and were definitely a hole in my wallet! Now, I might as well stay here for 10 years as it is all basically new!
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