Buyers hire professionals to perform a home inspection before paying for a property investment. This is to make sure that the asset they’re buying has no potential deal-breakers. This can refer to huge issues like structural foundation, presence of dangerous chemicals like radon, and lead paint that the seller is legally bound to divulge to the buyer.
Home inspections can be tedious. Some sellers opt to have their property inspected first before offering the property for sale at the market. The reason for this is to fix the property issues so he can be aware of and resolve any problems. Afterward, the buyer will also conduct his inspection. Sometimes both home inspectors have different results. Most issues are minor and can be easily remedied. On the other hand, there are also deal breakers that both buyers and sellers need to be aware of.
Conducting a preliminary home inspection is an advantage for a property seller so he’s better prepared when it comes to negotiation. Although it’s an added cost on his part, a home inspection is vital to counteract a buyer’s hesitation. Below are some deal breakers that buyers can be wary of and you need to address as a property seller beforehand.
When there are pests and bugs inside a property, a buyer might have second thoughts. An infestation can become so damaging to the property that its core structure can fall apart. When your property is made of wood that has not been treated, it’s easy for termites to build their nests/ mounds. No one wants to live in a pest-infested home as it can make the property messier and lead to allergic reactions especially in the case of bed bugs.
The pest infestation problem is easy to address however since there are specialists who can use various methods to eradicate pests. They can also perform treatment on your property. The best way to mitigate this problem is to conduct an annual pest inspection to get rid of insects that make your home their breeding ground.
Wiring Problems/ Electrical Issues
A priority for a homeowner should be getting his electrical wiring in proper condition. Electrical problems can be dangerous and can lead to exorbitant bills. It’s best to hire a professional to correct problems and replace defective or outdated electrical materials. Power failures can be a source of headache and most buyers want to avoid this issue.
To address this, a licensed electrician can reset your property’s electrical system so safer materials, such as copper, are used. No one wants to gamble on their safety especially when it comes to electrical issues.
The roof is the first line of defense on a property and has the job of protecting the structure. If there are water leaks and unwanted moisture, it could lead to a million problems in the interiors of your property. Naturally, this can be costly to fix. That’s why damages must be repaired right away. If the damage is extreme, then a roof replacement is a viable solution. It’s also important to choose a solid roof material for durability over the years.
Truthfully, a compromised foundation structure can send an interested buyer away. A foundation issue requires a lot of cash to fix not to mention it also takes a considerable time to repair. You can’t simply ignore problems related to the foundation since this can be dangerous to the resident.
However, if the foundation issue is minor, it’s far easier to cure and cheaper. If it’s major, you can always hire a specialist to start the repair and save the house. Major foundation problems are rare though. Specialists can also recommend alternative solutions that have a reasonable cost. Just make sure to hire a reputable professional or company.
Presence of Radon
This dangerous gas can be damaging to the people who are exposed to it. That’s why a buyer will normally carry out a radon test. Even under the state law, landlords are bound to divulge its existence to the tenants. Some areas are highly exposed to great levels of radon while others are safer. A professional can conduct this test to make sure that there’s minimal exposure and inhalation to the end user of the property.
Another required information to divulge is the presence of lead paint. A property owner must be well versed when it comes to the laws and regulations covering lead paint. Buyers and renters of properties built before 1978 must be provided information regarding the existence of lead and its hazards before they buy or rent. As such, they can conduct a separate lead inspection to ascertain their safety against it.
Bad Pipes/ Plumbing Problems
A bad pipe system can wreak havoc since water damage is inevitable. It’s important to know the signs and check for stains found below sinks, roofs, toilet and any source of water. Old pipes are also prone to leaking. It’s vital therefore to address plumbing issues and repair or replace old pipes to avoid future headaches.
Mold is a health hazard and when it’s present in your property, it can lead to plenty of ailments especially for those who have weak immune systems. Mold often occurs in damp and dark areas. This can be resolved however and depending on the degree of the problem, you can contact a specialist to handle it.
These are just some of the deal breakers that might block buyers from pushing through with the property purchase or renting a unit. However, things aren’t that bad and there are always specialists who can fix the issue. As a buyer, this can be a leeway to renegotiate the price of the property. You can also ask the property owner to resolve the issues first before you’ll invest or occupy the unit.
State Property Management LLC has been established since 2011 as a premier Property Management Company in the State of Florida specializing in the management of investment properties throughout Central Florida and the greater Orlando area. We manage a diversified portfolio consisting of multi-unit residential apartments, single-family residential homes, townhomes and condos. We meet all state requirements and are registered with the Florida DBPR as a Real Estate Corporation.