Inspections are a significant part of the process when buying residential realty. This not only goes for homebuyers, but for those interested in real estate investing as well. For investors, the point of purchasing property is to make a profit, which can’t be done if the building ends up in shambles or is continuously draining money to pay for necessary repairs. The local real estate agents at Pinnacle Residential Properties have helped numerous investors complete successful real estate transactions in and around Wellesley, MA.
They reveal why it’s never a good idea to commit to an investment purchase before getting a thorough inspection:
- Identify Significant Damages: Buyers often believe they’ll notice any significant problems with the house, but this is far from true. Professional inspectors are trained to watch out for certain signs of damage and will examine a structure from its roof to its foundation with specialized tools and techniques. They will provide a full report of the issues they found and what kind of costs it would require to repair them.
- Avoid Liability: Buying residential property for real estate investing purposes means there is likely to be tenants living in the building. This places extra responsibility on the owner to ensure everything is up to building codes and in compliance with standards and regulations. Ignoring an inspection leaves landlords vulnerable to a liability lawsuit for failing to make the living conditions safe and healthy.
- Negotiate A Better Deal: Even if there are serious issues with a building, investors can go through with the deal and use the damages as leverage to negotiate better terms. If they can get the selling price down to a reasonable amount based on the damages found during an inspection, they can put their own money into repairs and renovations for perhaps a lower price.
If you are in the market for a real estate investing opportunity, keep in mind that the price of an inspection is well worth the peace of mind you will receive from knowing exactly what you’re getting. Contact Pinnacle Residential Properties at (781) 237-5000, or visit the website to begin browsing their available real estate listings.