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7 Simple Steps To Real Estate Investing
Whether you are BRAND NEW to real estate investing or an expert in the game, it’s critical that you understand these 7 Simple Steps to real estate investing.
First things first…
• Real Estate is NOT a get rich quick scheme. However, if you...
Home Equity – Don’t Spend It On Risky Investments
The housing market has exploded in the last five years, and homeowners are finding that the equity in their homes is greater than it has ever been. The equity in a home is the difference between the market value of the home and the amount still owed...
Know What Is Right Real Estate Deal
We usually focus on investment in any real estate deal and in that course we forget to consider the most important issue that is whether the deal is right or not. If one wants to determine the potential deal is good or not then here are few points...
Remodeling Your Home: How Much Is Too Much?
The classic way for homeowners to increase the value of their house is by remodeling existing rooms or adding on to its current plan.
Some choose to build recreation rooms and studies while others add new appliances, fixtures and cabinets to...
The Best Way To Buy A New Home While Selling Your Existing Home
Buying a home and selling a home at the same time can be one of the most difficult and nerve wracking of all real estate transactions. Many people wonder how to juggle the selling of one home with the purchase of another. They may be worried that...
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Inspecting Your New Home - 17 Areas You Must Inspect Before Taking Possession
Congratulations! You've made your decision; you've chosen your new home and your builder. So what needs to happen next? Once you have a firm contract and you have selected the features that will go into your new home, it is time for the builder to turn your dream into reality.
You will undoubtedly want to visit the building site from time to time during construction to check the progress of your home. Professional builders welcome your participation and enthusiasm; however, for safety reasons you should not enter the actual construction site unless by special appointment-an unauthorized site visit may also contravene the local labour code with respect to construction safety and the builder's liability.
Questions or concerns arising from a site visit or a drive-by should be addressed directly to the builder. The tradespeople on the site each have their own area of expertise and will not be able to discuss your home's progress with you. Nor are they able to make changes without the approval of the builder.
Before you take possession of your new home, the builder will invite you to "walk through" the house to conduct a pre-occupancy inspection. Three to five days before closing is best-when construction is substantially complete but there is still time for the builder to remedy any minor imperfections. Anything that is not to your satisfaction should be noted for a pre-delivery inspection report. Minor items such as scratches and incomplete paint work will be rectified before your move-in day. Other items will be corrected after you are settled.
The following checklist will help you to inspect your new home.
Exterior
- Grading-should be sloping gently away from the house.
- Sod-was it rolled when laid?
- Wood, vinyl or aluminum siding-should be even and nailed securely to the walls.
- Brick-should be evenly laid and clean, with weep holes intact.
- Caulking-check around windows, doors, garage
door, electrical outlets and fixtures.
- Paint and stains-inspect for even coverage and proper colour.
- Trim, shutters, fascia and soffit-must be proper colour, of good quality and securely fastened.
- Shingles-are they clean, of proper colour and with no lifting corners?
- Garage-should feature non-combustible materials on the wall adjoining the house (for instance, gypsum board with sealed joints); the garage door should open and close properly.
Interior
- Basement-should be clean; no cracks in the walls; a floor drain in the lowest part; "healthy" looking wooden joists (a minimum of splitting); instructions and warranty cards for equipment (furnace, heater, HRV, etc.)
- Doors-must be well-fitted and well-hung; secure locks for outside doors and door stops.
- Windows-must open smoothly; lockable.
- Walls-should be smooth and even; no cracks, visible seams or nail-pops; right colour; even paint coverage; no gaps at electrical switches and plugs.
- Floors-minimum of squeaks and "spring"; smooth seams on carpet and other floor covering; even grouting between ceramic tiles.
- Plumbing fixtures-no chips or scratches; faucets operating properly; caulking around counter tops and fixtures.
- Upgrades and options-correct materials and quality; proper installation; right colours.
- General state of cleanliness-no construction debris; clean heating ducts; etc.
You might want to hire a private building inspector or engineer to conduct the inspection for you. Look in the phone book under Building Inspection Services.
About the Author
Visit EquityGazette.com - The Equity Gazette weekly edition of articles about real estate investment and investment property for those interested in real estate investing or even just buying a home.
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