Inspections are a must-have when investing in new property. While a piece of property may look like a good deal, you will not know the extent of the deal until you have an inspection report in your hand.
An inspection report can help you determine if the home is safe and if the house is valuable enough for you to invest in. Issues that compromise the safety of the home or that reduce the value significantly can turn into reasons to walk out of a deal.
In many cases, you can clear a pest infestation from a new property. However, if the inspector finds signs of termite damage or other animal damage within the home’s walls, it could be costly to mend the damage. Inspectors can use infrared technology to look deep within the structure of the building to find termite and pest damage.
Mold or mildew
Mold and mildew are signs that the building has water or humidity problems. It could indicate water damage or a leak within the building. Unfortunately, there are forms of mold that can compromise the health of any person living within the structure. When analyzing the inspection, determine whether you can quickly remediate the mold or if the job would require the removal of drywall, flooring or other components.
Regarding your inspection, look for any indication that the home has structural damage. Most investors can fix surface damage to create a better-looking home. However, more severe damage can result in more time and money spent on the property.