Buying and selling properties requires a certain level of finesse in understanding the value of the property and its condition. Most experienced property owners know that before they add a home or commercial property to their portfolio that a full evaluation is in order. Once that evaluation is complete, the question becomes whether or not the property is worth the price the Executor is asking. Here are a few tips to help you determine when to move ahead and when to walk away:
Structural Issues. Homes or commercial properties that have structural issues are ones to be cautious about purchasing. Structural issues can require a considerable amount of repair and those projects can be pricey and unpredictable. If you do find a home or business property that you are seriously considering and suspect that it
has structural problems, take the time to hire an engineer, inspector or contractor to inspect it and determine the level of damage. This may make the difference in whether or not you purchase the property.
Electrical Issues. There are a wide range of electrical issues, some of them very minor and some of them major. If the property you are considering has a few sockets that need to be replaced, that is one thing. But, if the property you are evaluating has an outdated electrical system, then you may want to take a second look. Rewiring an entire home or business property can be a time consuming, expensive project, requiring several steps. In many states, a licensed
electrician would need to handle the project, complete with pulling permits from the city or village in order to get the work done. Additionally, electricity would have to be cut off from the property and then reinstalled by the local utility company.
Roofing Issues. Many older buildings need a new roof. If a property has had prolonged roof leaks, that may be project worth skipping. Water intrusion can damage walls, ceilings and may create mold issues. Have the roof inspected carefully to see the amount of damage.
The bottom line? Invest in an inspection on any property before purchase to save time and hassles.