7 things to look for when purchasing an investment property
The search for an investment property requires a keen eye for the future. You want long-term success without nasty hidden surprises.
From the perspective of Metropolitan plumbing, a leader in the plumbing industry, that means a thorough inspection of plumbing and gas fittings. They are aspects of a home that sooner or later need to be repaired and replaced.
As winners of the 2021 Product Review National Plumbers award, Metropolitan Plumbing has first-hand experience assessing concerns. Here are their seven things to look for when buying an investment property.
1. Aging of hot water systems
An efficient hot water system is something every home needs. Therefore, when viewing a water heater, check for rust, water leakage or structural problems in cement substrates or wall fittings.
Also ask about age and maintenance history. If it looks like a new hot water system is needed, that’s not a bad thing.
New boilers meet higher star ratings of energy, and are a great value investment for owners and potential tenants.
2. Damaged roofs
Potential problems with roof piping can be a costly affair. It can be a decision or break depending on your budget, especially if renovation or replacement is needed.
At the first inspection you can assess the condition of roof tiles or sheet metal. Look for missing tiles, moss, overhanging trees and sagging structures.
A building inspection or roof inspection is essential for any older home you are serious about. This will help dictate the best course of action if there is water damage or a sagging roof.
3. Poorly maintained gutters and downspouts
Poorly maintained gutters and downspouts are another concern. Any chance of long-term exposure to water or damage could have compromised the overall integrity of the home.
Assess whether there is rust on the gutters and downspouts and whether the rainwater system is in good condition. Rainwater should be directed directly to the sewage system and not to areas where it can collect on the ground.
4. Mold or moisture in the house
The risk of serious health effects of fungal growth is always of great importance. Not only is it a visible sign of water damage, but it is invasive and requires special attention.
Professional cleaning is required, as well as professional leak detection and plumbing repairs. Both can be costly.
5. Outdated tapware and plumbing fixtures
It is important to assess the overall condition of plumbing fixtures and faucets. An outdated house stuck in the 1970s definitely requires brand new faucets.
Fortunately, this can be an affordable task, in the grand scheme of things. Even a new toilet suite is affordable. However, professional and licensed installation is crucial.
6. Long-term concerns about plumbing
Equally important is the condition of the pipes and drains. Look for possible water leaks, slow drains, blockages, etc.
They will have to be addressed sooner rather than later. A clogged drain can be a sign of a root infestation and may require a complete replacement. Don’t write off a minor concern.
7. Old or defective gas appliances
Functioning gas appliances are paramount. If a gas appliance looks old, ask the seller for more information. An old gas hob, wall heater or even barbecue may not meet the current certificate of compliance standards.
The risk of a gas or carbon monoxide leak is always possible and it is always beneficial to contact a licensed gas technician for an inspection prior to any purchase.
It really is always best to be thorough with all plumbing and gas fittings when looking to purchase an investment property.
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