Is it really necessary to have a professional home inspection go and inspect a house? Maybe, maybe not. While that may not seem like a good answer, it really depends on a number of factors. Most real estate investors get pretty good at assessing the condition of properties over time. This process is a lot tougher for those folks just starting out. One thing that I have found time and time again is that investors underestimate what it is going to cost to flip a property until they gain experience.
Spending a couple of hundred dollars on the front end can save you thousands down the road in some instances. Home inspectors cannot give repair estimates, but they can give you a list of the defects in the home. They are trained to find problems that may not be obvious to the untrained eye. And they can also let you know the seriousness of those items found during the inspection.
Few people have the experience needed to determine the condition of a furnace and whether or not it is safe to use. If you are planning to keep the furnace in the property you are buying. My advice is to have it checked out by a professional, whether or not you have a complete home inspection. The same is true of the electrical system.
You need a high level of knowledge to know whether or not the electrical system in a house is safe. And whether or not it meets today’s electrical needs. Failing to notice that the wiring and the panel box will need to be updated is a costly mistake. And is a mistake most likely to be made by rookie investors? If you overlook something where the plumbing is concerned it will probably cost you some of your profit. But more than likely, the worst thing that will happen is someone or something will get wet. That’s not true of the furnace and electrical systems. If those systems are faulty, the house could burn down or someone could even die as a result of those types of problems.
For instance, in my state, it is required that a water heater be installed by a professional. Unless the owner is installing it in their home and that it be inspected by the city/county code officials and display the green inspection sticker. The water heater must pass that inspection even if the homeowner installs it.
It’s important that you are knowledgeable about these types of things because they will ultimately be pointed out when your end buyer has a home inspection. What if you are fixing up the property to rent it out? What do you suppose will happen with something major occurs in one of your houses and a tenant is injured or becomes ill for instance from carbon monoxide? I can tell you with absolute certainty that you will be held to a higher standard in a court of law. This will be a case of “you should have known”.
A home inspector cannot do a code complaint inspection only a code official can do those. But he or she will certainly know the codes for your area and will be able to advise you on whether or not a particular system meets the code. In most cases, they will also be able to point out safety concerns during the home inspection.
Yes, there are. Here are 5 tips to help you make your decision on whether to get a home inspection:
Having a home inspector on your team is just one more tool to pull out of the toolbox when you need it. An average home inspector will usually charge between $300 to $400.
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