As exciting as it is to be viewing a potential property for purchase, details cannot be overlooked of items that may end up costing you in the long run.
Written by Tarl Yarber of Fixated Real Estate, here are some essential tips to remember when doing a walk-through …
Take as many photos as possible. Act like you’re never coming back to the property again. Put the photos in Dropbox or Google Drive. Label the folder with the property’s address and date it.
Understand construction costs. Note any and all red flags, and consult professionals about things you may not fully understand. Floor plan issues, exterior issues, sewer issues, so on—scan up and down everything and note anything that’s in disarray. Again, be sure to document everything with photos. Take pictures both up close and far away.
Do a thorough walk-through. Take your time when you walk through a property. Act like you’re never going to walk this house ever again. How thorough can you be? Don’t walk through it with a seller, if possible. They can be distracting. Do the process the same way every single time, and that way you’re never going to miss anything.
Walk the entire exterior first. Examine the condition of the siding, roof, gutters, sewer line, electrical, foundation, and windows.
Walk the interior next. Start at the front of the house. Is it updated or not? Does it smell? And most importantly, pay attention to the floor plan. Is it functional?
Create a spreadsheet. This is a great method to analyze the rehab room by room.