Just One question that seems to be commonly asked among those that are interested in property investment, particularly in flipping real estate, is whether or not a property evaluation is actually necessary. The long and short answer to that inquiry is, definitely, and I will do my best to explain exactly why this is so.

First off, a house assessment is the act of having a qualified (and in many states, licensed) professional take a look around the property you are considering and informing you of obvious as well as potential damage or complications with the property. This is not really something you want your uncle Bob doing, unless of course, good old uncle Bob has actually received the training and experience to know just what to look for in an assessment and understand what those things could mean.

Many who are planning to flip real estate enter into the situation (mainly first time flippers) having the mindset that they know there are conditions with the property and that is exactly why they are buying the property. The trouble is that the inexperienced eyes could miss several issues that really should be dealt with before moving along to other situations.

As an example, if there were obvious indications of plumbing problems that could lead to a water leak behind the wall, you wouldn't want to repaint that wall or even replace the floor coverings until you had the possible leak checked and either confirmed or denied as well as repaired if necessary. Otherwise you will likely have to undo the work (wasting both time and money) that had already been done by the time you discovered the leak that a competent inspector would have told you about before you even began working on the home.

Assessments are great before placing the bid on a property because they actually provide investors a bargaining chip. For the true (at heart) investor this is a fact that simply can not be overlooked as it directly affects the bottom line cost. If the roof needs to be replaced you are justified in offering a lower quantity. If the electrical system needs to be updated, this is something that really should be adjusted or amended in the final offer. These are also things that are easily identified by a certified and competent property inspector. Any thing that could conserve time and money is fantastic when purchasing property and an inspection can do both.

Another great thing about a good property inspection is that it often sheds light on the amount of money that will be needed in order to get the home in excellent operating (or flippable order). Knowledge is essential in this line of work and can mean the difference between taking on a project (if the repair spending plan won't exceed the ultimate value of the property) or walking away if the expenditures will be too great to turn a suitable profit. As an investor you should not ever take on a property that is basically guaranteed to become a failure, it is simply not a wise financial move to make. It doesn't matter exactly how much the house calls to you on a personal level, in the business of investing, the bottom line is actually the only call you ought to be taking.

More importantly however than any of the things mentioned above, a proper house inspection could inform you of possible dangerous conditions within the house that the inexperienced eyes may not take notice of. Some of these things include toxic mold, which can be economically disastrous and hazardous to your health; foundation problems, and structural damage that is threatening the stability of the house. An assessor ought to also notice the structural stability of homes that might affect your home if they are weakened or fail entirely. While these factors seem so straightforward, it is often the simple things that lead to the biggest disasters. Whether or not you realize it, a good home inspector is one of the very best tools you can have in your arsenal when it involves flipping property as an investment venture.