Would someone be able to assist in answering what things I should look for when going to view a property for the first time. What are some of the clues to knowing issues with potential future problems. Major things I've found so far, are roof, foundation, plumbing, termites. Any assistance on how to identify these and others would be appreciated.
Knowing about the area. I usually walk around the area at night to see how it looks like!!
If you are speaking with the seller ask them lots of questions? Honorable sellers will tell you almost everything before you get there to the property?
find a property check sheet to take with you or create your own. You can create a checklist from some of these questions. Here is a link for condition of property..it will help create your list
http://housing.ucsc.edu/cro/pdf/condition-checklis... If rehabbing i would use this list as how many windows to be replaced , how many doors to be replaced,
and this one is from J Scott within bigger pockets..this is a final but it will help you with observing items in the house.:
or try this one that is used for home inspectors:
Here are some questions to ask the seller:
What type of repairs are needed for this property?
Estimate of costs of repairs?
how old is the roof? any leaks?
how old is the heater? is it working?
how old is the a/c? is it working?
how old is the hot water heater? is it working?
is the property on septic or sewer? if on septic how old are the field lines? how old is the septic tank? when was it last cleaned out?
any foundation issues that you are aware of?
Any water damage to the property? if so what type of damage was it? was it remedied?
check electrical panel and see if you have fuses or is it upgraded
Depending on age of property: Galavanized pipes? Polybuteyline?
what else is there that i need to know about the property?
Hope this helps.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.