What You Need to Know About Property Inspections
Property inspections help you plan for maintenance, make informed decisions about buying, selling, or renting, and may help you protect yourself from legal liabilities.
Inspections are crucial for making sure repairs and maintenance are completed promptly. Early detection of problems may help save money and prevent future damage, but may also decrease your chances of being surprised with a costly repair.
A professional inspector thoroughly examines your property, including the foundation, roof, exterior, interior, systems, fire safety features, and potential hazards. The inspector provides a report that documents the property’s condition. The report is a comprehensive condition of the property that outlines recommendations for repair. Having a document can potentially aid in negotiations, if you’re looking to purchase the property, as well as give you peace of mind that the property is in good shape.
If you need a property inspection or think you might be, here’s what you need to know before choosing a qualified inspector.
Why Are Property Inspections Important?
For new homeowners, property inspections are a part of the home-buying process. Inspections reveal any potential problems with the home down the road. Property inspections are usually a one-time event for potential homeowners and help inform them of whether they want to move forward with the purchase.
However, if you’re a landlord, prioritizing regular property inspections is a good idea for many reasons. For one, addressing issues and making repairs on a property can help increase tenant satisfaction. Renters want to know they live in a well-maintained place under the ownership of a landlord who cares. A pristine property can also help retain tenants and reduce vacancies as well as attract new tenants when there’s turnover.
When you address issues, make necessary renovations, and maintain the quality of your property, you help preserve its value. Over time, the property’s increase in value can also have a positive impact on the neighborhood and community’s property values as well.
Property inspections can provide a foundation for long-term planning based on the data and updates from the inspection report. It’s a helpful resource to track trends and identify areas that may need upkeep, maintenance, and repairs. When you have access to this information, you can start to plan your budget accordingly.
Because an inspection report documents the property’s condition at a specific point in time, you also better protect yourself from any potential legal disputes.
What Does a Property Inspection Entail?
A property inspection is a thorough examination of a property’s condition by an inspector. Inspections may require specialized tools and equipment to assess various parts of the property, such as electrical systems and wiring, heating, and plumbing.
The inspector will walk through the property with you, pointing out areas of concern and providing an explanation. Inspectors also document any issues with photographs and details notes, which are included in the report.
Here are examples of what an inspector may examine:
- Foundation and structural integrity
- Roofing and drainage systems
- Exterior siding and windows
- Interior walls, floors, and ceilings
- Plumbing, electrical, and heating/cooling systems
- Fire safety features and compliance
- Potential health and safety hazards
Various types of inspections can be tailored to your property type and needs, including a buyer’s inspection, pre-listing, landlord, or insurance inspections.
A buyer’s inspection is a critical step if you’re interested in a property and need to make sure it’s in move-in-ready condition before you buy. A landlord inspection, on the other hand, may include periodic inspections to ensure the property is being maintained properly and quickly identify any damages that may be caused by tenants.
If you’re looking to renew a property’s condition before issuing or renewing a policy, you’re likely going to need an insurance inspection.
Tips for Getting a High-Quality Property Inspection
When searching for a professional property inspector, check for credentials, certifications, and reviews from previous customers. VRM Mortgage Services offers a nationwide network of industry leaders and experienced inspectors so you can quickly find one that meets your needs, whether you’re a buyer, seller, or investor.
We offer various inspection options, including:
- Bankruptcy inspections
- Commercial property inspections
- Construction compliance inspections
- Home improvement inspections
- Insurance loss draft inspections
- Occupancy / name verification
- Residential property inspections
- Sale date inspections
- VPR – Vacant Property Registration
Get a comprehensive evaluation and assessment based on over 400 points and gain valuable insights you need to make the best decision.
VRM empowers you to resolve issues and prioritize repairs based on the severity and potential impact on the property’s safety and value.
Frequent inspections are a win-win for landlords and tenants: renters reside in a safe, clean home, and you gain peace of mind knowing your investment is well-maintained.
If you’re looking for property inspection services, reach out to us and tell us what you need. We have licensed affiliates and vendor network professionals with various inspection options so you can find a solution that meets your needs.