Why a 5-Point Inspection is Important
It has become more common in the last 20 years to see investors purchase properties, often without doing a proper inspection, then discovering many problems upon closer look; this can translate into costly changes or renovations after the fact because this is where you uncover the real issues with the investment property that you’ve just invested. You are perhaps aware of some of the investment property’s deficiencies, but you’d like a narrower inspection to know more about the specifics.
WHAT IS A 5-POINT INVESTOR INSPECTION?
Before you find yourself in a costly situation you can’t get out of; it is crucial to get a 5-point investor inspection; this includes:
1. Roof structure (including attic) – determine signs of weakness, hazards, or deterioration.
2. Electrical System – making sure your investment meets the Ontario Electrical Safety Code.
3. Foundation – checking for structural issues and waterproofing, among other things.
4. Plumbing – checking for corrosion and leaks, ventilation, sewage, ensuring shut-off valves are working correctly, among other things.
5. HVAC – assess the efficiency of your heating and cooling, identifying safety hazards.
WHAT THE INSPECTOR LOOKS FOR
Like Thor Home Inspections, a qualified inspector company will look for all the critical issues and even the things you hadn’t thought of. In short, Thor Home Inspections will look at everything related to the 5-point inspection and report back their findings to you. Don’t be intimidated by the findings. Thor Home Inspections will guide you through the inspection results to precisely understand what changes your home needs, and you won’t feel like you’re speaking a foreign language.
HOW LONG DOES A 5-POINT INSPECTION TAKE?
It is usual for an inspection to take up to 2 hours, depending on the home’s age inspected. Commercial properties could take up to 4 hours, depending on the size of the commercial property.
So, before you risk having a financial loss, contact Thor Home Inspections to have a 5-point inspection done to your investment property.