Property investment is one of the most sound investments that you can make - and when the market is hot there’s always a possibility of being lured into buying a lemon. From termites, defects and hidden disasters, here are a couple of ways that you can keep yourself from purchasing property with a less than favourable return.
Obviously an in-person inspection will help you to suss out the visible issues with the property - such as cracks down the wall or any damp spots lurking on the ceilings or walls. Other things that you can look for yourself include gaps in the windows and doors or any unlevel ceilings, roofs or walls. Proper drainage should be simple enough to spot - but there are a couple of defects that you probably won't be able to see yourself.
This is where getting professional help will assist you! Investing in proper inspections - if only once before purchasing - may help save you money in the long run, or at the very least, will help you know what you are in for. You will need to get permission from the buyer to have a professional inspection done, but once you do then the inspector will have the ability to check areas of the house that you would likely miss.
By gaining access to the roof or the underneath of the property, your professional property inspector will be able to assess any issues that could be critical to the safety of the property, such as any water leakages, asbestos, dropped floors or rotting roof beams. Older houses are more susceptible to these types of defects and most of these won’t be relevant to newer apartment blocks. It’s best to seek the advice of your YNM property specialist to assist you with the right course of action to take before purchasing a property.
Keeping your investment safe
While purchasing a property may seem daunting, it’s really the easiest step of growing your property portfolio. Managing your property, handling tenants and ensuring regular maintenance is conducted is where the real work happens! Property management services are designed to manage your property and take all of the hard work out of owning an investment property.