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How To Inspect The Property Before you sit down with the seller and put a serious offer in writing you should inspect the property. Now there have been times when I made the offer first and did the residential inspection or property inspection second. This was only after I had done a few real estate deals and felt pretty comfortable with what I was doing. I also always had my escape clause in place in my offer. I am not talking about going and hiring a professional real estate property inspector. At least not yet. This is one that you are going to do yourself. I usually have a flashlight, an electrical tester, a strong flat blade screwdriver, and appropriate clothing in case I have to crawl, climb, or step into some place that is not real pretty. Also pen and paper for any notes you want to make for future reference..
Although not my main concern, even as I drive up to a property I am looking at it and the houses or properties around it and paying attention to my first impression, especially if I have not seen the property before. If I have at least driven by it before I already know what I think and giving it a second look. The curb appeal will be important if your thinking that you will be selling or renting it out any time soon. And of course if something has to be done with it could be money out of your pocket. Before going in I am going to walk around the outside of the house. I would check with the owner to find out what utilities are on and if they have been on or were just turned on. This will help you determine possible water and sewer issues. If water has been on your going to watch for area of damp ground if is dry as could be a water leak. Your also inspecting exterior siding, paint, driveway surface, garage and house doors, windows and the roof. Try to be the casual looker but make notes of anything that you are concerned about for future reference. Try to keep the conversation with the seller light and positive and mention things that you like or believe is a benefit to the property. This is someone's home or property and you want to be respectful even if you don't really care for the property.
We are going to be just as observing on the inside. Now we are looking for things that are in need of repair as we do our property walk through. We are not worried about if we like the color of the paint, but we are concerned about it needs to be painted. We are going to go into every room, every closet, open cabinet and cupboard doors and into the attic and the basement if there is attic. We may even need to go into the crawl space depending on how things look. If power is on try the lights, furnace, heater and check at least one electrical outlet in each room. Turn on faucets if water is on and flush the commode, check the bathtub and shower. Check the ceilings for water stains. Take a look at the water heater and the heating and cooling system. Now even if you have no idea what a water heater or air conditioner or furnace looks like, you should still look. You will be able to see if they have possible leaks, if look new or real old, if someone has recently been doing some work to them. At this point you are now ready to either take what you have seen and put together an offer. Or you may need to check and see what a new water heater or air conditioner may cost you. Maybe you decide you do not want anything to do with it after taking a look at it. But with the information you have and some research you should have an idea of what you would do with the property and what you are willing to pay for it. When considering price I take into account what if any terms maybe offering or would consider. I talk about that in another article. That you may also find helpful. Now this property walk through that you just did does not replace a professional property inspection done by a licensed inspector. If you decide to make an offer on this property at some point if your offer is accepted you should at least consider having a professional inspection done. |
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