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5 Small Details Every Property Investor Needs to Look For

Posted On Friday, 02 August 2024 15:44
5 Small Details Every Property Investor Needs to Look For Image by freepik

Browsing the MLS to look for good deals is routine for many investors, but sometimes the most important details can slip through the cracks. 

Here are five of the most important, yet small details every property investor should look for when buying a home.

1. Well-sealed windows and doors

Homes should be weatherized to keep the elements out, mostly in winter, and that requires sealing the doors and windows. Sometimes this is done when the home is constructed, but other times it’s done afterward.

There are many ways to seal windows and doors to protect a home from the elements, but some materials and methods are better than others. For example, polymers, like the ones made by Kuraray, are often used as sealants because they’re pliable and can resist movement to a degree. This makes polymers perfect for sealing gaps in windows and doors.

You don’t need to be an expert at identifying which kind of sealant was used, but it is helpful to at least know if it works. Before making an offer on a property, have it tested to see how well it’s been weather-proofed. If air and moisture can easily get inside, you’ll need to do some extra work, and that’s a good reason to lower your offer.

2. Termite infestations

Hopefully, you’re in the habit of getting a full inspection done before signing any contract, and that should include looking for signs of a termite infestation. Termites are extremely destructive, and unfortunately, they’re only interested in making their nests out of wood. That means any house made with a wooden structure is at risk for damage.

The longer a termite infestation is allowed to exist, the more damage will be done to the foundation, porches, decks, and any other wooden structure connected to the home. Hire a professional to specifically look for signs of termite damage because anyone else may not spot the early signs. If there’s already significant damage, depending on the severity, you may want to find a different property.

3. The age of the plumbing

You can test the plumbing all you want in a home – it won’t tell you how old the pipes are, nor their condition. Unfortunately, if you end up buying a home with old pipes in bad shape, you can count on having some big problems.

It’s crucial to inspect the plumbing closely. Find out what material the pipes are made from, how old they were, what the history is of repairs, and how often the previous owners used commercial drain cleaners. If the pipes are in poor enough shape, you may need to have them replaced. Whether or not you buy a home with pipes that need to be replaced is a personal decision, but you should at least know what to expect.

4. Fences and structures respect property lines

You’ve probably heard about disputes between neighbors over property line misunderstandings, and they don’t usually turn out well. It’s a good idea to verify that property lines are being respected before buying a house. If there’s some kind of stone wall or permanent structure that crosses a boundary, you’ll need to think about how you’ll move it if the neighbor complains. Some structures and fences can’t be easily moved, but others aren’t a big deal. Knowing ahead of time will prepare you for the possibility, and you can decide if it’s worth the trouble.

5. Property tax rates (and potential increases)

Since property taxes are largely based on a home’s value, you might not think about checking with the local assessor’s office to find out what the taxes are on the property you’re looking to buy. However, never assume that property taxes in any city will be anywhere near what you’re currently paying in a different city. For example, in 2023, Colorado property taxes increased by 36% for many residents, and although Colorado has some of the lowest property taxes in the U.S., that was a huge jump for homeowners.

You could buy a property today and the city will increase the property taxes next month. It helps to stay aware of proposed legislation concerning tax increases and to track the bills as they move through the system of approval. If you have the opportunity to buy a comparable home in a city that isn’t proposing an increase, that might be the better deal.

Some details can be a deal-breaker

No home is perfect, but some details are a deal breaker. Make sure you get a full and accurate assessment of a property before signing the contract. You can avoid getting stuck with problems you don’t want to fix by being thorough with your initial inspections.

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