Before I start going over specifics in analyzing the house that you may wish to purchase, let us take a moment to see what tools you may need in your tool bag. Even if you are planning to hire an inspector, which investors I work with do, I think that you would want to save some money by understanding a home’s condition before calling on someone else to look at it for you. You would be wasting your money if you had an inspection for every property that you are considering. A basic tool kit can help you make a quick evaluation.
Real estate inspections are defined as visual inspections in states that have a regulation overseeing inspectors. Inspectors themselves say that any inspection relies on all of your senses. This may sound quirky, but your sense of something being wrong is an important tool when investigating a home. I typically take my shoes off inside houses, since I can get a better feel for the floor. The next item on the list for inspectors would be your mind. Educating yourself about building practices and indicators of problems is a big step in home evaluation. In this sense, I want you to realize that you have to trust yourself. You probably are able to sense a good deal about a property already; you just have to be open to it, by taking your time when going through a home.
For actual tools, a basic kit is not that expensive, and you may have some of the items on hand. Depending on how fancy you want your tools, a simple kit can run you between $300 to $600. I would start off with a decent binocular. You are not going to be needing powerful ones. They should be able to give you a clear view of the roof. A collapsible ladder is a good investment. These can stretch out for roof access, or they can convert to an A-frame for areas inside the building. A ladder may not be absolutely necessary, but there are times that you may need a better look. A good quality multitool is essential. The original tool was invented by a guy who wanted a quick tool for working on his old Beetle on the road. This is the Leatherman version, and it is still the best. Cheaper versions of this tool are not always safe, so plan on buying one that sells for around sixty dollars. A three or four foot level is good for checking alignments and level over a surface. This will not tell you how the foundation is performing, but there are other areas to check. A large screwdriver is handy as a crowbar, a weapon against an opossum, tile tester, and other tasks. A circuit tester with a GFCI test button comes in use. These are cheap items, and they can indicate various issues with an outlet. Lastly, the simpler model of a temperature gun, like from Raytec. This can give you a quick read on surface temperatures for a variety of objects.
You do not really need a great number of tools for your analysis of a property. In the coming posts, I will describe how you can investigate a house with this tool kit, then you can make the determination to either call in an inspector or contractor to help you decide if you should purchase that home.
Frank Schulte-Ladbeck, TREC#9073, http://www.fschulte-ladbeck.com
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