Avoiding Money Pits: Essential Inspection Tips for Fixer-Upper Buyers

While buying a fixer-upper can be exciting and rewarding, it still involves many kinds of risk. But the best way to deal with those kinds of risks is through thorough inspections. Knowing what to look for could have averted some costly surprises down the line.

Inspect before you buy a fixer-upper. An appropriate inspection after purchasing saves thousands of dollars that would be required in repairs, according to New York real estate developer Dov Hertz. “Don’t skip this step; it can save you thousands in unexpected repairs.” Plumbing leaks, electrical issues, and structural weaknesses often are not noticed with simple inspections but often pop up on professional inspection.

Understanding the systems is a significant aspect of the home inspection. The buyer should focus on the roof, foundation, and the HVAC system. According to Dov Hertz, “Ask your inspector for a detailed report on these key areas. They can be the most costly to repair.” With that kind of knowledge, they would be saved from future pitfalls and would have budgeted for necessary repairs.

Location is also an important analysis as it regards to the property surrounding. According to Dov Hertz, “Watch for signs of neighborhood revitalization or decline. These dynamics will impact your investment’s long-term value greatly.” Knowing which way the community is headed can give a lot of meaning to the potential

Please also listen to this podcast: The FORT Podcast: Dov Hertz on Mastering NYC Real Estate