Home interior repairs can add up quickly and shock any home investor, if a thorough inspection is not conducted first. What you thought was a small drip ends up being a plumbing overhaul.
Don’t let unexpected interior repairs cut into your investment. Have the home thoroughly inspected by a qualified tradesperson who is licensed and insured before you make an offer.
Ask your inspector about these 5 “could-be costly” items when investing in a home:
Has all piping been tested, including drains, vents and waste systems? Has all water ingress and egress been examined? Drains examined for signs of leakage, mineral deposits, and the fitting of proper filtering apparatus? Is there bacteria in the water?
Have all electrical components been examined to ensure they fit and are operating safely? Have conductors, grounding equipment and distribution panels been tested for efficient operation?
Has the entire heating and air conditioning system been tested to verify it is in working condition, and the appropriate filters examined for accumulation? Have supply pipes been examined for corrosion?
Have the attic crawl space insulation and vapor retarders been inspected? Have all venting fans and under-floor insulation been examined?
What is the condition and functionality of doors, floors, stairways, counters, cabinetry, and windows? Is there lead-based paint in the home?
As you start to calculate repairs and your potential earnings, check out the benefits of a hard money rehab loan. Looking at investments surrounding Houston? Find out more at Catalyst Funding, a hard money lending expert.