The most common mistake many property investors make, is not taking the time to assess their properties fully.
It is one thing to do the research and find a rental property that can produce a positive cash flow each and every month.
But if you don't factor in the potential cost of repairs and maintenance jobs, a property that looked like a bargain on purchase could be anything but when you take a closer look.
So what do you do? You send in the experts.
Now we know what you're thinking - 'great, another extra cost', but the benefits of this pre-purchase building inspection could save you thousands in the long run.
Thousands compared to the few hundred to get your rental property checked out.
And let's just say it will be well worth the money.
By hiring a qualified professional, they can thoroughly examine your property for any possible signs of building defect.
The biggest being any foreseeable future structural problems.
Take a look at your own property.
Can you spot anything that could lead to future costs and repairs? Probably not, but the most common property repair problems are more common than you may think.
If anything you can find them in a number of households: - Water damage - Termite damage - Timber decay - Bad brickwork - including cracks in individual bricks and walls - Roofing defects - Even illegal building practices.
Yet these are just a few of the things a property inspector will check for you.
They can offer you other forms of additional resources to make sure your property is worth the property investment.
With this in mind, it is important to have all of these checked out before you sign anything.
It is truly amazing what they will be able to uncover, that you - yourself - weren't able to see.
Plus there is an added bonus to this expense.
As they commit this inspection, any outstanding disputes between neighbours can be resolved: construction, barriers and property repairs.
Any problems and they can spot it.
And recognising the potential for a future problematic neighbour is a good thing to find out.
After all, the inspection may prove the property is generally in great condition, but throw in a bad neighbour, and they could cost you in others ways, namely your monthly rental income.
The final decision...
Now here comes the even more valuable part of their building inspection: pest inspections.
You see, even if you view the properties yourself, and have got experience in building inspections, there are some things you could miss on your search.
Things you'll not be equipped to discover: mites, termites, hidden wasp nests...
you get the picture.
Any one of these could cause tenancy problems.
So take the right preparatory steps before purchasing any one of your property rentals.
Building inspections may add an extra cost, but the savings you could make later, are well worth the expense.
Especially if it keeps your tenant's coming and a positive cash flow constantly rolling in.
It is one thing to do the research and find a rental property that can produce a positive cash flow each and every month.
But if you don't factor in the potential cost of repairs and maintenance jobs, a property that looked like a bargain on purchase could be anything but when you take a closer look.
So what do you do? You send in the experts.
Now we know what you're thinking - 'great, another extra cost', but the benefits of this pre-purchase building inspection could save you thousands in the long run.
Thousands compared to the few hundred to get your rental property checked out.
And let's just say it will be well worth the money.
By hiring a qualified professional, they can thoroughly examine your property for any possible signs of building defect.
The biggest being any foreseeable future structural problems.
Take a look at your own property.
Can you spot anything that could lead to future costs and repairs? Probably not, but the most common property repair problems are more common than you may think.
If anything you can find them in a number of households: - Water damage - Termite damage - Timber decay - Bad brickwork - including cracks in individual bricks and walls - Roofing defects - Even illegal building practices.
Yet these are just a few of the things a property inspector will check for you.
They can offer you other forms of additional resources to make sure your property is worth the property investment.
With this in mind, it is important to have all of these checked out before you sign anything.
It is truly amazing what they will be able to uncover, that you - yourself - weren't able to see.
Plus there is an added bonus to this expense.
As they commit this inspection, any outstanding disputes between neighbours can be resolved: construction, barriers and property repairs.
Any problems and they can spot it.
And recognising the potential for a future problematic neighbour is a good thing to find out.
After all, the inspection may prove the property is generally in great condition, but throw in a bad neighbour, and they could cost you in others ways, namely your monthly rental income.
The final decision...
Now here comes the even more valuable part of their building inspection: pest inspections.
You see, even if you view the properties yourself, and have got experience in building inspections, there are some things you could miss on your search.
Things you'll not be equipped to discover: mites, termites, hidden wasp nests...
you get the picture.
Any one of these could cause tenancy problems.
So take the right preparatory steps before purchasing any one of your property rentals.
Building inspections may add an extra cost, but the savings you could make later, are well worth the expense.
Especially if it keeps your tenant's coming and a positive cash flow constantly rolling in.
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