Foreclosures Orange Beach Alabama-necessary Inspection Information
Every house must be thoroughly inspected prior to purchase
, whether it is for a primary residence or for a real estate investment. For the real estate investor, this can be the difference of making a great, mediocre, or poor profit, or even a loss. It pays to do it right when investing in foreclosures in Orange Beach, Alabama.Home inspectors will create a confidential report on five categories: major repair, minor repair, maintenance, safety concern and investigate further. What the inspector adds into this report will help the real estate investor decide whether the house is worth the asking price, or worth purchasing at all. Finding one that has no damage at all is practically impossible with foreclosures.
Major repairs include things that will cost over about $500.00 to repair. Such repairs that fall into this category might be the foundation, structure (including the roof), or plumbing issues that consist of more than just a plugged drain (i.e. broken pipes). For real estate investors, these kinds of issues greatly reduce the amount they can potentially make by either reselling or renting the house.
Minor repairs, or repairs that will run the foreclosures investor less than $500.00, are not so much of a concern to the real estate investor. They do become a concern when there are many of these items listed. If the home has multiple minor repairs to be done, it can easily end up costing more than one or two major repairs. Maintaining a home is far cheaper than repairing after a major disaster.
Maintenance issues are designated as routine tasks that need to be done to a home to keep the home in livable condition. This includes regular maintenance on the heating and cooling systems, the septic (if the home is not on city sewer), or the water heater. These major features of the home can be quite costly to a foreclosures investor.
Safety issue repairs will include anything that can potentially harm the new owner or tenant. They can be anything from sewer issues to ceilings that are ready to buckle. Many safety issues can be very costly. Running into these kinds of problems usually means having to abandon the property.
Under the 'inspect further' category are going to be the issues that require a specialist to come look at. These kinds of possible problems require more in depth inspection that a professional in the field must do. They are also much more invasive than a top level inspection. A specialist inspection might cost a little more, but it will be worth it to identify the problem.
As a real estate investor, it is important to either form a relationship with a home inspector that you can trust or learn how to spot and categorize potential issues within a home yourself. Doing so will save you from investing in a property that is not worth the money you are paying, which is vital if you plan to make your living with foreclosures in Orange Beach, Alabama.
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