If you're an investor who's ready to take advantage of inventory shortages and the high-interest rates fueling the rental market, Las Vegas is a good place to start your search.
You'll need to navigate high real estate prices in this tight market, so it makes sense to ensure you get value for your hard-earned dollar when buying a property.
Home inspections are an important part of the home sale process. A trained inspector can pick up issues that could cause you extra expenses down the line and guide you toward buying a property that offers good value.
Keep reading to find out more about this important step in the due diligence process.
What's Included in a Home Inspection?
Mortgage lenders always insist on home inspections to protect their customers, but every buyer should insist on a home inspection before they purchase a house.
During this process, a qualified home inspector visits the house to identify any red flags that could necessitate major repairs shortly.
A home inspection report usually includes notes on the following aspects of the home:
- Foundation
- Siding
- Rain gutters
- HVAC and plumbing systems
- Railings and stairs
- Ceilings and floors
- Doors and windows
If these features aren't up to scratch, you can request that the seller carry out necessary repairs, ask them to reduce their selling price, or withdraw your offer.
Why Should You Ask for a Home Inspection?
Nevada is a full-disclosure state, but a property inspection will reveal any hidden problems that the owner is unaware of. This can force them to lower their price, depending on the severity of the issue.
Some issues, like foundation and roof leaks, may require extensive repairs that can cost thousands of dollars to fix. It's difficult for laypeople to detect things like these, but a skilled home inspector will notice them right away.
If you're not prepared to spend this kind of money on repairs, you can cancel the deal before it's too late or negotiate a much lower price with the buyer.
Even if you're interested in buying a home as-is, you should never invest in real estate without knowing what to expect. Carrying out major repairs will delay the process of placing tenants in the home.
You can't rent a damaged property, as this goes against the implied warranty of habitability. Besides, you'll have a hard time finding good tenants.
Most importantly, home inspections provide you with peace of mind, knowing that you've made a good investment.
Expensive repairs or tenants refusing to pay their rent due to unexpected defects in a home you've just bought can signal the end of your journey as a landlord.
Expert Property Inspections Add Value
Home inspections are only the first step toward ensuring you get your money's worth when it comes to investment properties. Ongoing rental property inspections will help you maintain your property value.
You can charge more for a well-maintained rental home and ensure your tenants renew their leases by keeping your house in good order.
Pure Property Management services can help you at every stage of your investment property journey. Call us to discuss your needs and enjoy effortless property management in Las Vegas.