Читать книгу Property Management Kit For Dummies - Robert S. Griswold - Страница 77

The condition of a property directly affects its value. The prudent real estate investor always insists on making a thorough physical inspection before purchasing an investment property, even if the property is brand-new.

A new investment property may look good on paper, and your pre-offer due diligence may reveal no legal or financial issues or concerns. But your investment is only as good as the weakest link, and a physically troubled property is never a good investment (unless you’re buying the property for the land and plan to demolish the current buildings).

You’re probably making one of the biggest financial purchases and commitments of your life. Though real estate investors by nature tend to be frugal, never try to save money by forgoing a proper physical inspection by qualified experts. Unless you have extensive experience as a builder and contractor, you probably have no idea what you’re getting into when it comes to evaluating the condition of most building systems. But even if you have experience, never rely on your own inspection entirely or try to save money by cutting corners. Even experienced, fully qualified real estate investors can find their judgment tainted by an emotional attachment to the property.

My experience is that an inspection usually pays for itself. Inevitably, you’re going to find items that the seller needs to correct that are greater in value or cost to repair than the nominal sum you spend on the inspection. This value isn’t just a marketing ploy by inspection firms, but it also isn’t a game that you “win” if you can offset the inspection cost by finding enough items that the seller must correct or provide credit in escrow for — as some real estate gurus seem to believe. Instead, inspection is a serious matter, not just a way to squeeze more out of the seller.

The best result is an inspection that reveals no problems. Although you’ve spent money, it’s a great relief to know that your property is in good condition (at least at the time of the inspection). That doesn’t mean there won’t be repair or replacement items that need your attention in the future, possibly even the very near future. In my early days in real estate investing, I worked for an apartment developer whose favorite saying was “To own is to maintain!”