What Inspections Are Necessary?
I just had an offer accepted for my first rental property. I am curious to know the opinions of expirienced landlords on what inspections are necessary and which are not. I ordered the structural and termite. Should I order a mold inspection? Radon? Help!! Also, seeing I have just this one property, would forming an LLC be of any benefit?
Hopma,
Congratulations!!! As per the inspections, is the structural inspection just for the structure or is it the home inspection? There is a difference! If not the home inspection get the home inspection and also get a free check/estimate from a strucural engineering CO. on the house. Other inspections that i recommend are the oil tank if its the ground, the septic tank if its not on city sewer and the roof but the home inspector should check that for you. On the termite inspection check with your state, some states require a clean termite letter for closing and also get a termite bond on the house. One more piece of advice, take some of the rental money and put it aside for major expenses that occur!!0 and they will, like hot water heater busting, new roof, tenants leaving the water running and ruining the carpet, the floor and the all the wood in the bathroom b/c of mold!! Speaking From experience!!! Again congratulations and go get your next one!!
Blair
Hi Hopma,
In regards to your "inspection" question....as a home inspector myself,
I look for "safety" issues.
Mold / "sick houses" are becoming a big issue with all the litigation going on these days. Some inspectors don't want to mess with it.....other than note it on their reports. (insurance issues with E&O policies...liability...etc).
I personnally stick to the basics unless a client request certains things...which I may or may not do.
In regards to mold....if you have such...then in short you have moisture and air ventilation problems.....correct them and it should take care of the mold.
Good luck