Real estate encompasses numerous risks, some of which can bruise your business. Apart from moves, some properties can be dangerous. However, such estates come with numerous red flags that you must identify before playing your cards. But the problem is how do you recognize the risks in a potential property? Don’t worry; Sean Robbins Portland investor explains the things to dodge in an investment property. Keep reading!
1. Architectural Problems
The most obvious anomaly is the architectural problems in a property. It might be hidden inside the foundation, or deep beneath the walls. To begin with, you can examine the walls to find cracks and dampness. Furthermore, you require investigating the foundation to identify scopes of waterlogging and its capability to hold the massive structure. Call off the investment if severe issues arise to stay on the safest side.
2. Faulty Hot Water and Air Conditioning Systems
Sean Robbins Portland real estate investor says to examine hot water and air conditioning systems. Many times, the central and ductile air conditioning systems can be expensive to replace or repair. Also, the hot water system remains operational for some time only. So, high chances are that the hot water system might get choked or rusty, leading to improper functioning.
3. Painting is Never the Solution
Nowadays, homeowners prefer concealing the flaws rather than entirely removing them. So, you might find superposed tiles, paint, and patterns to hide the imperfections in the interior. However, you should understand that it’s not a renovation. Also, you must realize that such touch-ups imply reworking and extra charges. Such renovations are never the solution and you should be watchful of them.
4. Inaccessible Amenities and Unclassy Neighbors
So, you found a property having no structural issues and renovation requirements. But did you consider the neighborhood? Your property will not return much if it’s too far from basic amenities like markets, schools, and hospitals. Also, your returns will vary depending on the neighboring houses. So, it’s preferable to consider everything and calculate the approximate worth of the property before closing the deal.
5. Sewer and Water Pipe Leakages
Another fatal phenomenon! As an experienced investor, our expert says properties with broken, rusty, and leaking sewage and water pipes are common. Such estates are a headache. It is likely to take weeks to detect the faulty area before resorting to repairs. Furthermore, you will end up spending additional expenses for repair work and touch-ups before the property becomes reusable. So, sewage and water pipe leakages are a no-no during investment.
The above are the most lethal red flags in your investment business. You require dodging or avoiding these attributes when screening properties for investment.