The Home Inspection Alternative for Property Investors
When you’re rapidly buying investment properties around the country, traditional home inspections can slow you down. They aren’t made for investors. They’re made for homeowners who need assurance that their home won’t turn into a money pit. Meanwhile, you have different priorities: renovating, due diligence, and portfolio management.
Is there an alternative to traditional home inspections designed for investors, iBuyers, and property managers? Yes! Meet Property Insights, the service created just for you.
Why do you need an alternative to home inspections for your rental property?
Home inspections are ideal for homeowners. A qualified inspector walks through the home and determines its condition. However, these inspections were designed for homeowners and not investors.
The issues property investors have with home inspections are:
No haste with long turnaround timelines (up to a week!)
No location data
No room-by-room inspection scoring
No utility serial numbers
No floor plans
Traditional home inspections focus on major defects and not the details that are important to investors. This type of inspection doesn’t provide you with enough information to make a sound investment decision.
What makes Property Insights different?
Property Insights solves the problems that so many investors have when managing their portfolios. When managing multiple properties, you need more than a one-time inspection to look for significant defects. You need regular due diligence.
With a 48-hour turnaround, Property Insights gets you the information you need throughout the entire life cycle of your rental property. From purchasing the property to inspecting it after a renter moves out, Property Insights provides the data you need.
- Location: When you’re investing in a property, location matters. Property Insights looks at not only your property but also the surrounding neighborhood. It will detail any nearby vacant or boarded-up properties. It will also compare the property’s condition to the community, the driveway’s condition, the level of street traffic, and the condition of the nearby properties. As an investor, you know that the surrounding areas matter as much as the property itself. That’s why Property Insights includes this data, while traditional home inspections do not.
- Exterior: While the roof and porch condition is essential to the property’s structural integrity, so much more than just those elements make up the property’s curb appeal. Property Insights will inspect the important structures of the house and the vegetation, siding, fence, and exterior perimeter measurements.
- Beds/Baths/Living Spaces: Home inspections pay little attention to the spaces that people spend most of their time in. Bedrooms, bathrooms, and living spaces are largely ignored! Property Insights creates a room-by-room condition score, including the wall condition and floor condition. Additionally, they take measurements of the ceiling height, ground surface, ground perimeter, and closet and storage spaces.
- Kitchen: The condition and specifics of kitchens are a huge factor in the rentability of a property. Property Insights reviews the cabinets, counters, and kitchen appliances, and gathers appliance serial numbers.
- Appliances: Property Insights gathers the serial numbers for each appliance, giving you all the information you need to make repairs or buy replacements.
- Visual References: For long-distance investors, visual references are integral to their business. With home inspections, you receive photos. With Property Insights, you receive an immersive 3D tour and floor plans. This is everything you need to make buying and renovation decisions for the property.
- Regular Due Diligence: Home inspections are part of the home-buying process. But, investors need regular inspections. You need to gather information about your property before you buy, during renovations, before renters move in, and during turns. This is not a one-and-done situation. With Property Insights, you can schedule a complete report at any time, making it easier to manage your property from anywhere.
Traditional home inspections work great for traditional home buyers. Investors and property managers need something different. You need to know about the location, renovation specifics, and rentability of a property. Property Insights is the alternative to traditional home inspections created specifically for property investors.
Learn more about Property Insights.