It’s never fun to invest in a Dayton property and then find out later that there are multiple issues that will need your attention before you can even get the property into a rent-ready state. Those issues are usually time-consuming, and they’re always expensive.
Surely, you’ll agree that it’s better to unveil potential problems before you buy. This speaks to the importance of a complete inspection. It protects you. It protects your investment dollars, and it tells you that you’re investing in a property that will be easy to maintain and keep occupied with well-qualified tenants.
In fact, there are multiple inspections you’ll want to complete before you invest. Let’s take a look at what those are, and how a full-service property management company in Dayton, Ohio like ManCo Property Services can help.
Schedule These Three Inspections Before You Invest in Dayton Real Estate
Most buyers understand that they’ll need a complete home inspection before they buy. When the market was at its most competitive, we saw a lot of buyers willing to waive the inspection requirement when making offers, and it always made us cringe. That’s a huge risk.
You’ll want to schedule three critical inspections before you purchase an investment property:
- Whole Home Inspection
You’ll want a professional, comprehensive inspection completed by a licensed home inspector. This is a cost that the buyer traditionally covers, so make sure you’ve budgeted for it. You can expect your inspector will evaluate the home’s overall condition. They’ll check all the systems and functions for the normal and expected wear and tear as well as deterioration. You’ll get an idea of when things might need to be replaced. You’ll also get a report on the condition of:
- The exterior of the property
- The structure and foundation of the property
- The condition of the framing
- Strength of the windows, doors, walls, ceilings, and basements
- Electrical systems and plumbing systems
Once the inspector has been through the property, you can expect a report with the inspector’s recommendations. This can give you more time to fix any issues with the home. Use this to decide what you’re willing to live with and what you want to address with the seller.
- Termite Inspection
Termites are wood-boring insects that can do a lot of damage to a home. You’ll need to get a termite inspection before you invest in a property, otherwise you risk taking on a property that’s infested with these pests.
The inspector will spend an hour or two walking through the property and checking the interior and exterior for signs of a termite infestation. These signs include droppings, broken and discarded termite wings, mud tubes, and damaged wood.
The inspector will check your baseboards, walls, windows, crawl spaces, door frames, insides of cabinets, and closets. Outside, the inspector will look at the exterior walls and eaves of the house, and check the foundation.
After you buy the property, make sure you partner with a pest control company to provide preventative maintenance during tenancies and turnover periods. Prevention is perhaps even more important than detection, especially when you’re buying a new property.
- Sewer Line/Main Drain Scope
This is an inspection that not every investor thinks to order as they’re preparing to close on a deal, but it’s one that can prove to be extremely valuable. We have seen drains collapse. This happens with older properties, especially. Many properties in Dayton were built before WWII, in the 1920s and the 1940s. We’re coming up on 80 or 100 years; the materials used were never intended to hold up for that long.
We have seen collapsed pipes empty sewage into a cavern beneath the front yard of a house. The repairs were expensive and not covered by homeowners insurance. Even if you buy the sewage line rider, they’ll only cover damage caused by the backup. They won’t pay for replacement, and they’ll only pay up to a certain amount. You’ll be responsible for replacing the collapsed pipe.
A sewer line inspection can save you a lot of money and frustration later.
Look for Detail-Oriented Inspection Points
You’ll want a full picture of your potential investment property before you buy it. Look for an inspector with attention to detail, accuracy, and transparency. You want them to notice the details. Their report should reveal what’s happening at the property.
The earlier that existing or potential damage is noticed, the earlier you can make a plan for addressing it and if you do buy the property, repairing it once it’s yours. Some of the items that show up during the inspection can potentially be used as negotiating points when you’re finalizing the closing details with the seller.
Dayton Property Management and Investment Support
These inspections will save you money on potential trouble spots in the future, and more importantly – they’ll deliver peace of mind that you’re making a smart investment. You don’t want to purchase a property without knowing what its challenges might be from a maintenance perspective. Maybe you’ll need to replace the roof in five years. This doesn’t have to be a deal breaker when it comes to whether or not you’ll buy the property, but it will give you the opportunity to plan and budget for the next five years.
One of your best resources during this process of inspections and negotiations is a professional Dayton property management partner. We have relationships with contractors in the local area who do good work and provide us with their most competitive pricing. According to Ohio law, we have to give you three options of licensed contractors when we’re making referrals. We’ll do that, and we’ll be comfortable with every option we provide you.
If you’d like some help managing these inspections or navigating the investment process when you’re buying Dayton real estate, contact us at ManCo Property Services. We have been helping new and experienced investors enjoy better outcomes with their investment properties for years, and we’d be happy to tell you about our Dayton property management services.