Real Estate Investor? 6 Things To Check Out On New Properties

Written by  //  2014/08/25  //  Real Estate Investing  //  No comments

New property is always attractive if it can be bought at a great price. Real estate investors need to be very careful and do lots of research before they commit to purchase. The following is a list of six things to look for in new properties.

Neighborhood

First of all, it’s essential that research on the neighborhood is conducted. Look into comparable properties and their fair market value as well as their appraised value. If the property you are looking into is the best in the neighborhood, it may not be a solid investment. While doing your research, look into crime rates as well, to determine if the area is more or less desirable to the public.

Roof

It’s also important to look at the roof. Not only should you look to see if it is in good shape, but you should look to see how water will flow. Are there gutters, and if so, do the downspouts point in a direction that will properly displace water and avoid damage? It may be in your best interests to contact a reputable company like Style by Carden Exteriors to come make an inspection.

Professional inspection

Spend the money to have a home inspector look at any residential property. It is generally less expensive that you think, and can save you thousands of dollars in the long run when it comes to repair costs after closing. They’ll look at things like the pipes bringing water in from the main, and septic tanks. Tom’s Septic Construction can help you look at the quality of the septic tank and make sure that it’s going to hold up for a while.

HVAC

Check heating and cooling in each room. Make certain that every room is evenly heated and cooled. Temperature control is extremely important and should be carefully checked before an offer is made.

Insulation

Check the amount of insulation in the property and make certain that you look carefully at the windows. Know if they are single or double paned glass. The insulation and windows are very important to consider with regard to electricity and/or gas costs. With regard to investment property, regardless of who is paying the bill, it’s important that energy costs aren’t too high.

Kitchen/Bathroom

Check the kitchen and bathroom water fixtures and make sure that there is first, good water pressure. Second, make sure that they are good quality and properly installed. Tenants in residential property will pay particularly close attention to the kitchen and bathrooms. It’s very important that the fixtures have a neat and clean appearance, work properly and have a good water flow.

All good real estate investors should do their research before they purchase a property. These six tips are just some of the more important things to consider before purchasing a property. As always, make sure that you are willing to walk away from a potential investment if it doesn’t meet the criteria that you establish as an investment requirement from the very beginning.

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