Monday, March 23, 2009

Real Estate: Property Inspection Day (Part 2)

Here are the steps you will use to inspect a property:
Start outside
  1. Landscape
  2. Foundation
  3. Exterior surfaces
  4. Check trim at windows & doors
  5. Check the eaves
  6. Check roof shingles and surface
Move inside
  1. Check for cracks in walls
  2. Look at ceiling
  3. Check plumbing under sink
  4. Check plumbing fixtures
  5. Check cabinets & countertops in kitchen
  6. Check windows
  7. Check flooring
  8. Check faucets in bathroom & kitchen
  9. Check HVAC
  10. Look at electrical outlets.
Start outside:
  1. Landscape: Note condition of the landscaping; we are looking for curb appeal. Is the automatic sprinkler system working?
  2. Foundation: Any cracks larger than ¼” in width and go from top to bottom. If you see this condition, call for further inspection by a structural engineer.
  3. Exterior surfaces: Does it need paints (for us that is always yes)? Note repairs that need to be done. Are there holes the siding or stucco? Does the house have gutters? Note these conditions.
  4. Check trim at windows & doors: Check the trim for dry rot. Does it need repair or replacement
  5. Check the eaves: Condition of eaves – cracks or dry rot. Are there any gutters? Are they any leaks or rust stains on the gutter?
  6. Condition of the roof - is moss growing on it? (It certain does around here). If it is asphalt (or composition shingle) look for turned-up corners this is a sign of ware. Try to determine the age of the roof. Asphalt shingles can last 25 to 50 years depending on the type. If it is wood shingle 20 years is about max. Spend some time on the roof because it can be a big expense if you need to replace it.
  1. Check for cracks in walls: Large, wide cracks can be a sign of settling in the house. Some cracks are to be expected but never wider than a ¼”
  2. Look at ceiling: Looking for stains from a roof leak. If you see a large stain then have a roof inspection by a roofing contractor
  3. Check plumbing under sink: Check all the sinks to see that the plumbing is OK. Look for stains under the sink for signs of a leak. Rotten wood is a clear give away.
  4. Check plumbing fixtures: We replace all fixtures so this is not a big deal. But check for leaks around fixtures
  5. Check cabinets & countertops in kitchen: Can the cabinets be used again or paint. If the countertop is tile, it can be painted (by companies that paint tubs) this will save money over retiling.
  6. Check windows: Leaks around the windows. Do they operate
  7. Check flooring: We always replace the flooring. Check for stain marks on floor – if necessary lift the flooring
  8. Check faucets in bathroom & kitchen: We will replace these items
  9. Check HVAC unit: Locate the unit. If it is old – have it inspected to see if you need to replace.
  10. Look at electrical outlets: We replace all the outlets and switches with new when we paint the walls. It gives it that fresh look.
This is the preliminary inspection we do before we buy a property. After we have made an offer and before we close we will have a property inspection done by a 3rd party to confirm our initial inspection. Anything that we missed or that will impact the purchase price and our profit we will renegotiate with the seller. Don't force the numbers to get a deal. A deadly and common aliment with investors who really want to get a deal. Whether if its your first or 50th it is always lurking. Follow the numbers and they will never lead you astray.

See Ya,

1 comment:

jone said...

Small bits of content which are explained in details, helps me understand the topic, thank you!

Property Inspector Los Angeles