An investment property viewing checklist is a ‘must’ for any investor. You’re likely to be given a 10-15 minute timeslot to view a property, and there’s a lot you’ll want to find out in that window. One of the worst things you can do is fall in love with a property on sight, then get swept along by how great it looks and forget to dig deeper into important details.
A property can look beautifully refurbished and still have problems lurking under the surface. Without closer inspection, the seller could get away with, quite literally, painting over the cracks. The 60 second video below, by our MD Mark, will make you laugh but we think it also illustrates the risks!
Don’t trust first impressions! When buying your next investment property, check the quality of any refurbishment work. AND when hiring people to clean holiday homes, apparently opting for an 18yo Mark wasn’t a good idea! Sign up to our VIP Club to receive great local investment properties to your inbox every week, with rental yield calculations done, so you KNOW they’re a good deal. We won’t recommend you buy anything we wouldn’t buy ourselves, and we won’t send our MD Mark round to clean it for you! 😅 #landlordproblems #propertyinvestmentadvice #propertymanagementservices
Whether you make a checklist or take a professional with you, be sure to have something or someone who keeps you on task during viewings. Ensure that you’re asking the right questions from the start.
Types of investment property checklist
There are lots of important questions to ask yourself before investing in property. Many property viewing checklists you’ll find online will include points like:
- Is it in an ideal location?
- Are there good transport links and plenty of tenants looking in the area?
- What rental price could I get for the property?
These are great questions, and ones you should certainly consider if you want to set yourself up for success as a landlord. But those are questions for earlier in the process.
In this post, we’re going to assume you’ve decided on your location, you have a good knowledge of the rental market (or you’ve consulted with a local, independent letting agent to get the information you need) and you’re at the stage of deciding which property to invest in.
Our property buyer’s checklist is the one you’ll want in your hand when you go to view the property, so that you’re able to assess the structure, safety and rentability of the property in an objective way.
When a property looks ready to rent
As we mentioned above, there are plenty of ways to make a property look nice and shiny, without actually making it safe and structurally sound!
Don’t be sucked in by shiny worktops, new tiles or strategic staging. Many seasoned landlords will have cautionary tales to share, about entering a purchase process, or even completing on a property, only to find that there was a lot more work to do than they’d anticipated.
And don’t forget, landlords are more heavily regulated now than ever before. Perhaps you know people who have got away with cutting corners in the past. These days anything less than rigorous adherence to high standards of safety could get you into serious legal trouble.
That isn’t a bad thing. You haven’t bought your property yet, so make sure you go into the purchase process with your eyes open, after making all necessary checks and negotiating the best deal possible. When you do that, you’ll get a great investment that attracts desirable tenants for the long-term.
What to put on your investment property viewing checklist
Property investment should be boring and un-sexy. That’s how you know you’re approaching it the right way! If you’re getting excited about fixtures and fittings, you’re not in business mode. And a property investment is a business decision. Never lose sight of that.
Keep your enthusiasm and excitement for when you’re spending on your own home – you’ll have plenty of money to spend on your house when you’re a successful property investor! If you find it difficult to be objective, it’s a good idea to work with someone experienced, who can find a great deal on your behalf.
When you’re viewing a potential investment property (and when you’re viewing a house you hope to live in, for that matter) look for and ask things like:
- Does the property have damp-proof course?
- Has it been rewired?
- Has the carpet been fitted well, or does it look like it could easily come away with wear and tear
Download our investment property viewing checklist for a longer list of things to look out for. It’s printable, so you can take it with you next time you view a property.
If you’d really like to be thorough, and confident of your buying decision, book an investment consultation with Homesure Property, and we’ll use our decades of experience to do a far more comprehensive check for you.
Get help from property professionals
If you’re not a builder or tradesperson, it’s a great idea to take one with you to viewings. Make sure you have a clear picture of the state of the property at this stage, because it will impact how much you offer and strengthen your ability to negotiate a good purchase price.
If Homesure manage your rental properties, we’ll rate new investment opportunities for you, before you make an offer – letting you know how much you can expect in rent and yield. You can also receive the best Liverpool property investment deals to your inbox every week, with the figures already calculated, by subscribing to our VIP Club.
So please download our property viewing checklist but remember, it covers just one step on the road to becoming a successful property investor. If you’d like expert guidance at every stage of the process, book an investment consultation now.