Originally posted by @Kathy Henley:
@Tushar Shah Your general inspection report is that, 'general'. Additional inspectors dedicated to the boiler and HVAC will give you valuable information. Your inspection phase is to understand the health of the building and help you estimate the reserves that you will need in the near future. Ignore NOTHING in an old building, cash flow can be non-existent with constant repair requests from your tenants. Drains and water supply lines are costly to replace (and hard to replace when a unit is occupied.) Sewer lines, power drop, electric control panels ($$$). Any item that your general inspector says that more info is needed, hire a contractor with expertise in that topic (like a roofer or electrician). Remaining service life can be estimated by expert. Pay for their expertise. We ignored the warning of a failing window that ended up costing over $30K to repair because the entire wall was in danger of failing due to water intrusion.
Then ask, is there anything that you can expect from your geographic area to expect in future expenses - like wet basements, recent building code upgrades, or upcoming community infrastructure repairs that will be paid for through property tax assessments?
Thanks Kathy, this information is very helpful. I plan on performing a thorough inspection in addition to the general inspection. Based on my past experience, a general inspection report in almost every inspection item suggest to perform a detailed inspection by a qualified contractor/professional to safe guard themselves. So sometimes its difficult to get comfortable with few items.
You mention that "Drains and water supply lines are costly to replace" - How does one inspect this? Would you suggest hiring a plumber in addition to general inspector? . Same question for Sewer lines - based on my experience, a general inspection report is typically silent on anything related to sewers and though Sewer lines are responsibility of the city (perhaps not). Who does one hire for this inspection? Other items such as power drop/electrical control panels will be inspected by electrical. Would be helpful to know how you get comfortable with these items in your purchases (especially for older houses).
The house does have gutters and didn't see any foundation issues, but will inquire more about the wet basements. Good point on recent building codes - have posted that question to my agent. You mention - "upcoming community infrastructure repairs that will be paid for through property tax assessments" - Again how does one inquire this? I asked my agent and he has no idea.
Thanks once again for detailed information. Really appreciate it.
