The Home Inspection Alternative for Property Investors
Investors Need Due Diligence and Details, Details, Details
By Kori Covrigaru
When you are rapidly buying investment properties around the country, traditional home inspections can slow you down. Traditional inspections are not made for investors; they are made for homeowners who need assurances that their home will not turn into a money pit. Meanwhile, investors have different priorities: renovating, due diligence, and portfolio management.
The issues property investors have with home inspections are:
> No haste with long turnaround timelines
> No location data
> No room-by-room inspection scoring
> No utility serial numbers
> No floor plans
Traditional home inspections focus on major defects and not the details that are important to investors. This type of inspection does not provide investors with enough information to make a sound acquisition decision.
Property Insights solves the problems that so many investors have when managing their portfolios. When managing multiple properties, they need more than a one-time inspection to look for significant defects. They need regular due diligence.
With a 48-hour turnaround, Property Insights gets you the information you need throughout the entire life cycle of your rental property. From purchasing the property to inspecting it after a renter moves out, Property Insights provides the data investors need.
1. Location
When you are investing in a property, location matters. Property Insights looks at not only your property but also the surrounding neighborhood. It will detail any nearby vacant or boarded-up properties. It will also compare the property’s condition to the community, the driveway’s condition, the level of street traffic, and the condition of the nearby properties. As an investor, you know that the surrounding areas matter as much as the property itself. That is why Property Insights includes this data, while traditional home inspections do not.
2. Exterior
While the roof and porch conditions are essential to the property’s structural integrity, so much more than just those elements make up the property’s curb appeal. Property Insights provides the condition of the home’s vegetation, siding, fence, and exterior perimeter measurements.
3. Beds/Baths/Living Spaces
Having a room-by-room condition score, including the wall condition and floor condition, allows for efficient renovation decisions. Additionally, taking measurements of the ceiling height, ground surface, ground perimeter, and closet and storage spaces gives the investor a holistic view of the home.
4. Kitchen
The condition and specifics of kitchens are a huge factor in the rentability of a property. Property Insights reviews the cabinets, counters and kitchen appliances.
5. Appliances
Property Insights gathers the serial numbers for each appliance, giving you all the information you need to make repairs or buy replacements.
6. Visual References
For investors, visual references are integral. With home inspections, you receive photos. With Property Insights, you receive an immersive 3D tour and floor plans. This is everything you need to make buying and renovation decisions for the property.
7. Regular Due Diligence
Investors need regular inspections. You need to gather information about your property before you buy, during renovations, before renters move in and during turns. This is not a one-and-done situation. With Property Insights, you can schedule a complete report at any time, making it easier to manage your property from anywhere.
Traditional home inspections work great for traditional home buyers. Investors and property managers need something different. You need to know about the location, renovation specifics, and rentability of a property. Property Insights is the alternative to traditional home inspections created specifically for property investors.
