Not many investors believe in love at first sight when it comes to property, and there’s nothing wrong with that. This is because viewing a Manhattan real estate is not something that should be taken lightly. You should be vigilant about the structural components and make sure that you are getting your money’s worth. You have to take in every single detail of the property and determine whether its condition is suited to your preferences or investment appetite.
For these reasons, we’ve made a checklist of the things you should consider for when viewing a potential Manhattan residential or commercial property. Remember to pause and take a long hard look at the property to make sure that everything is what it seems. You don’t want to miss possible defects that will turn into major obstacles in the long run.
1.) Look closely at the floors.
If you want to determine any faults or damage to the condition of the property’s plumbing, you need to look at the floors. If there is unusual sagging or dipping near the bathroom, this means that this property will need some repairs. Take notice of this if you don’t want additional costs.
2.) Check for cracks in the wall.
Some investors might not think too much about some cracks provided their intent to renovate the property, but these actually indicate that there is movement and thus serious structural problems with the property. Although small drywall cracks shouldn’t give you a scare, those that are large and with discoloration may be an indicator of more serious issues.
3.) Be cautious of unusual fresh touch-ups.
When viewing a property, if you see that there is fresh paint, you can ask the reason for it. This is because there may be times when these kinds of repairs are used to cover up defects in the house. Determine if the location is suspicious such as it could be a coverup for termites, wood rot or ant damage. So, pay attention and look closely at even the smallest details on your first and second inspections of the premise.
4.) Inspect for water residue in the basement.
Keep an eye out for water in the basement, especially if has recently rained. If the basement looks dry with no stains or old water markings, then all is well. However, if it appears damp, then it might cause you some problems in the future. You should be cautious about this to prevent major unforeseen renovation expenses.
5.) Inspect the roof.
It’s crucial for you to evaluate the roof for holes and whether it needs repairs. The Manhattan property won’t be worth it if it will give you problems with roofing. You can ask how many years it was when the roof was installed and if there’s a warranty to back up the information. Checking the reliability of the roof won’t be easy for non-experts, which is why you can also ask for an inspection with an expert.
6.) Assess the property’s electrical and plumbing.
Confirming the long term conditions of the property’s electricity and plumbing won’t be easy since these circuits are not visible to the eye. But, there are signs that can help you. You can look at the electrical boxes. You can also ask the homeowner about electricity shorts and other issues. If the system has not been replaced in a few decades, that’s already a huge warning sign to you that you should reconsider purchasing the property or consider the costs of repair in your offer.
7.) Is the property within code of local regulations and laws?
After viewing the property, if you are satisfied and have checked out every detail, then the work of due diligence begins. You should check for filed and completed permits to determine whether the property’s recent renovations follows regulations and laws. Review if the property does not violate building codes or if there are outstanding liens or inaccurate permit filings. You can check with your local building department and other agencies to make sure that your property comes out clear.
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