We are all probably to used to watching HGTV and getting sucked into the cosmetics and appearance of a property. In reality, it is the things you don’t see on the surface, usually the mechanics of a property that are vital when buying.
Three Things Most People Don’t Look at When Buying a Property
1.) Look under the damn sink!
We love to look at the kitchen countertops and the cool farmhouse sink, but how often to you open up the doors beneath and take a look at the pipes and condition of the cabinet?
Any signs of leaks? How about past water damage? Furthermore, what type of pipes are present? Something such as polybutylene piping is a red flag as it will likely need to be replaced in order to get insurance on the home.
2.) Forget the Freaking Paint Job!
When stepping into a home the least important thing is what the paint looks like. A re-paint to your tastes in one of the easiest things to get done.
You know what is not easy to deal with? An old breaker panel that may not be insurable and is expensive to replace.
3.) Test that climate!
Turn on the heating or air conditioning. Does it sounds like a diesel engine just started up? How old is the HVAC or furnace?
What type or heating or air is it? There is a big cost difference in electric heat vs. gas and in a northern climate that will hit the wallet hard for you or your tenant.
Last but not least…
Get an inspection done by a professional. They will find all this stuff for you, but why make an offer and waste time and money on something you would have bypassed on had you already known about it.
Plus, you can factor these things into your offer before you go under contract and spend money on an inspection.
There was an old commercial I remember as a kid and the tagline was…”the more you know.” The more you know the better in real estate, that is for sure!
Be sure to know all the ABC’s of rental property investing by reading ScaredyCatGuide to Rental Property Investing.