A property inspection is one of the most critical steps when buying or selling Boston multifamily investment properties. This article will cover everything you need to know about property inspections before buying or selling Boston investment real estate. Considering that the Greater Boston Area has numerous two and three-family properties that are often over 100 years old, it is a great idea to give your inspection process the due diligence it deserves.
What is a property inspection?
The goal of the inspection is to find any problems or possible problems with the property that may need to be fixed before its sale. A professional, licensed inspector thoroughly checks a building during a property inspection. Most of the time, the inspector will look at the building’s structure, its mechanical and electrical components, and any noticeable flaws or risks. Property inspections are frequently performed as part of the due diligence process.
When you have a multifamily investment property in Boston, you are most likely going to have nearly all of the units occupied, so be prepared for some delays and surprises in the inspection process. Often times tenants are not ready for the inspection, even though they have been notified, so it is not uncommon to lose ten to twenty minutes of your time just waiting for them to let you in and make it possible to walk through.
Why are property inspections so important for Boston multifamily investment properties?
A home inspection can give buyers peace of mind that the property is in good shape and has problems that will require expensive fixes. It can also help find any potential dangers or safety issues that must be fixed before the building can be utilized to its highest potential. This gives potential buyers a clear picture of the property’s condition and prevents surprises from disrupting the sale when the time comes.
What Should You Anticipate During an Inspection?
During a property inspection, the inspector will typically…
