One problem that appears to be commonly asked among those who are concerned with real estate investment, especially in flipping properties, is whether a real estate inspection is actually necessary. And the long and short response is an inevitable, yes.
Before anything else, real estate inspection involves having a skilled and, at times, licensed professional tour the property informing you of both apparent and possible damage on the property. This is something you would want your trained and experienced professional on board who knows what to look out for in an inspection and is knowledgeable about what the findings may mean.
Some (especially first time flippers) who are preparing to flip properties enter investing with the attitude they know there are problems and that is the reason they are buying the property in the first place. The trouble is untrained eyes may miss some problems that need to be addressed ahead of proceeding to a further stage
For example, if there are noticeable signs of plumbing difficulties which can result in a leak inside or behind a wall, you wouldn’t replace the floors until you had the leak checked out and either affirmed or denied if repairs are needed. Otherwise you’d probably need to undo all the work. A competent professional would have told you about that before you even initiated work on the property.
Getting an inspection is also a good idea prior to placing a property bid as this can actually serve investors a bargaining chip. For the investor this is a reality that simply cannot be neglected as it directly affects the rock bottom pricing. If the roof needs to be replaced you are absolutely justified in proposing a lower amount. If the electricals need to be updated, pricing should be altered or amended in the final offer. These are the kind of things that are easily discovered by a competent property inspector. Each and every single item that can save time and money is helpful particularly as careful pricing along with an inspection can serve both purposes.
Another terrific benefit about a property inspection is it sheds understanding around the money needed in order to get the house in standard working condition. And that’s very important as it may mean the difference between ultimate success and failure on the property.
More significantly however than any of the matters cited above, a correct home inspection tells of potentially hazardous circumstances within the home that untrained eyes probably won’t notice. Some of these conditions include toxic mold, which are financially disastrous and a health hazards, foundation problems, plus structural damage that threatens the property’s integrity