Purchasing a new property is a big decision–and it involves many steps. You know that, before you purchase a property, you need to get written estimates concerning what it will take to fix up the property. Before you do that, however, you should take the time to walk through the property yourself. Why walk through the new property before getting written estimates? Consider these key reasons.
1. You can save yourself time and money by looking over the property yourself first.
If you send in the contractors first, before you have a chance to look over the property, you may spend money for their estimates. Many of them will inspect the property for you, but they do expect to be compensated for their time. You’ll also waste your own time by investing heavily in a property that simply won’t fit your needs. If you walk through the property yourself first, on the other hand, you’ll get a better chance to decide whether the property will fit your needs.
2. When you walk through the property yourself, you’ll get a better idea of what the property really needs.
Even the most trusted contractor may make errors in judgment–or may not have a full understanding of your specific budget and other needs. Different contractors may also focus on specific areas, which means they may not get an idea of the full picture of what the property needs. Instead, walk through the property yourself and make written notes of what improvements you think will be necessary before you bring in the property inspectors.
3. Walking through the property will give you a better feel for the property as a whole.
Whether you’re planning to become a landlord or to fix and flip a property, you want to be sure you’re making a sound investment. Taking the time to walk through the property yourself will give you a better feel for it–and help you better decide whether this property will be an effective addition to your financial portfolio.
Are you in the process of choosing a new property? Consider walking through it yourself first, rather than sending in the contractors for their written estimates. Ultimately, you’ll get a much better feel for the property, which will ultimately help you make better choices about the right property for you.