Conquering the Real Estate Walk-Through Inspection: Part II
By [http://ezinearticles.com/?expert=Conrad_Miller]Conrad Miller
Here is the helpful conclusion to my article, "Conquering the Real Estate Walk-Through Inspection: Part I."
While inside the building, you want to make sure to ask about and look around attics, crawlspaces, basements, etc. The flashlight mentioned in the beginning of this article is pretty helpful for these spaces. I once inspected a house where the owner told me that there was a finished basement. Upon arrival, I realized that what he meant by "furnished basement" was... different from what I meant. It was really a barely-habitable "man-cave" with an old television set, walls with cheap paneling, and a set of antlers mounted, which had not been dusted in decades. There had been a bar installed along one wall, which would have to come out anyway if I were to try and resell the home. The rest of the full basement was 3 trashed rooms and a decrepit door leading outside, which you could get to only after stepping over a foot-deep hole in the floor. Lesson learned: make sure that you carefully examine every accessible area of the house, because homeowners will always try to up-sell what they have. (Make sure that you have another good look at the foundation when you are inspecting a cellar or basement.)
Once you have completed the inspection of the inside of the house, it is time to move back outside and take a gander at the yard. Give a good estimate as to the acreage; hopefully it is as advertised! Look for fencing or property markings of some type. Are there any porches or patios? If there is an above ground pool, is there also a deck? Take note of any junk that may need to be removed... this may range from a few barrels of trash to a lifetime's collection of old cars and broken down motor homes. Are there outlying buildings on the property? A shed or tree house, perhaps? Are these in good condition or would it be safer to knock them down altogether? Remember that pictures are the best way for you to remember what you saw, and also to support your prices and estimates. So do not forget to take detailed photos or video!
Finally, you are ready to record what kinds of extras go along with the property. Now, by "extras," I mean both good and bad aspects. You do want to record what kinds of additions have been made to the property, which enhance its value. For example, take note if there is a well-maintained pool, a hot tub, spa, or Jacuzzi, a garage in great condition, or special landscaping. Is the home on a waterfront or near a pond? Are there any fireplaces or fire pits? You also want to look at the particularly bad aspects of a property that will detract from its worth and add to your costs: is that pool green with mold? Is the garage a total knockdown? Is the boat dock more like a death trap? Are rusty nails sticking out of the children's playhouse floors? I cannot emphasize enough the importance of taking pictures of everything you see, even if it sees mundane! You cannot prove what you cannot show.
There are a few other things you must find out about when doing a walk-through inspection. Does it have septic or city sewer? Does it have well or city water? And what type of construction is the home? Is it wood-framed, steel stud, ICF, log, or something else? It is a modular home or did the owner's grandfather build it? These answers are important when you run comps on the property, and when you are ready to resell it.
I hope that I have helped you learn a few things about performing your initial walk-through when you are looking into a property. There are so many things that go into the process, but each is just as important as the next, so take care and be careful. And good luck!
My name is Conrad Miller; I am a real estate investor, entrepreneur and small business owner in southeastern PA. My company, Terra Proficio Inc., specializes in wholesaling both ugly and pretty homes as well as rent-to-own and lease/purchase options. Our webpage for those seeking to purchase a home is http://www.terraproficiowholesalers.com and for those who may have a home they need to sell fast is [http://www.letconradbuyit.com]http://www.letconradbuyit.com. We are often able to close in as little as 7 days, depending on the circumstances. We are willing to look at ALL situations; negative equity, pre-forclosure, and properties that require extensive renovation are all okay with us. Contact us via our webpages for more information.
Article Source: [http://EzineArticles.com/?Conquering-the-Real-Estate-Walk-Through-Inspection:-Part-II&id=6875985] Conquering the Real Estate Walk-Through Inspection: Part II