If you’re looking to invest in property, either for you and your family to live in, or to rent out as an additional source of income, there are a number of issues that you should be on the lookout for, which can be expensive to repair, or even worse,make the place completely inhabitable,costing you more money than you imagined.
Here is a list of the most problematic issues you shouldn’t ignore:
A Roof in a Bad State of Repair
If you’re interested in a property, you should always try to consult with local roofing repair companies to check that the roof is in good condition, and if it isn’t to see how much having the problems repaired will cost you. This is so important because it is your roof which protects your property from the outside conditions, and if it has a leak, you could end up with a huge bill for water damage, mold removal or even cracks in the walls!
Subsidence is one of the most expensive things to sort out, so if you’re investing in property with the hopes of making a return some day, you really need to be on the alert for any of its telltale signs like large cracks in the walls, wallpaper that is wrinkled at the joints, and cracks that are wider diagonally at the bottom than they are at the top.
If you spot damp patches on the walls or ceilings or notice that there is a cold spot on a certain wall, it could be a sign of damp,and it might be a good idea to get a local damp proofing company in to assess the damage and work out what it will cost for you to rectify the problem before you move in. This is important because damp can and does spread and it can significantly lower the value of your property and make you sick if you live with it for extended periods.
If the gutters of the property you’re looking at are overflowing, it isn’t necessarily a problem- they might just need a good clean out – but if the gutters are hanging down or not draining away as they should, there is a strong possibility they will need to be fixed or replaced, and that could potentially cost you thousands.
If the property’s boiler is old ( your realtor should be able to determine this for you), you might need to replace it very soon after buying and since a new boiler can cost thousands of dollars, you should consider this when working out whether the property really represents a good investment for you or not.
Who Owns the Land
Last, but certainly not least, you should always ensure that you see all of the deeds relating to your property because, if you end up getting into a land dispute, what you thought was a great investment could leave you seriously out of pocket.
Property can be a great investment for your family and your future, but only if you spend wisely and check for these important issues!