Real estate investments are a smart way to make a passive income. However, when purchasing real estate, you must ensure you receive a fair deal. Before you make a significant purchase, you should perform due diligence, including obtaining a property inspection.
A property inspection can reveal serious issues with the property that may require you to back out of a deal.
Water intrusion issues
Water intrusion issues can range from mild to severe. Mild issues may require a small amount of work to patch the issue. However, in extreme cases, the water intrusion can damage the property’s structural integrity. Water can affect the foundation and your walls.
Water intrusion can also lead to health risks. Moisture can result in out-of-control mold growth, including the growth of black mold. Black mold can cause respiratory issues and severe health consequences. In some cases, you may have to completely rebuild the inside of a structure.
When you invest in real estate, you may expect to do some work on the property. Cosmetic issues tend to be less expensive to fix and can improve the value of the property extensively. Inspectors can help you determine whether you have cosmetic problems to fix or if you have code violations and safety hazards. When you receive an inspection, the inspector will examine the sewer lines, foundation, chimney system and other aspects of the home that require thorough analysis.
When choosing a time to have the inspection, try to remain within your contingency period. If major issues arise from the inspection, you can back out cleanly.