How to Know Even More about Properties than the Inspectors You Hire
“A knowledgeable, licensed inspector-engineer can detect whether the heating unit is functioning properly, whether the air-conditioning is sufficient, whether a sump pump is needed, and so on. Think of a building inspection as an X ray; the inspector will be able to see through the entire house and identify any systemic problems. If the inspector makes you nervous or you sense that he or she is working too quickly, find someone else. The inspection is too important to be careless about it.”
— from Think like a Billionaire by Donald J. Trump
with Meredith McIver (Random House, 2004).
If you do not know a great deal about the structural elements of buildings — from furnaces to wiring to masonry — you are operating with a higher exposure to risk than you should be.
In this chapter, you will learn what you need to know to avoid buying a property with serious structural or mechanical problems. In a few short pages, you will learn as much as many professional inspectors do.
But before we start rounding that learning curve, let’s answer a question that has probably entered your mind as you began to read this chapter:
“Why do I have to learn all that technical information? Can’t I just rely on a home inspector to tell me everything that is wrong with a property? Isn’t that what home inspectors are for?”
Yes, that is what home inspectors are for. The problem is that there are highly capable building inspectors and there are also completely incompetent ones. Another problem is that even good inspectors sometimes fail to notice a problem that can cost you a lot of money later on. When that happens, your inspector will not call you up and say, “Well, that was my mistake, let me pay for the repair.”
They don’t’ do that because, ultimately, it is your responsibility to know what is wrong with a building that you own, not theirs.
PREVIOUS PAGE - Best Insurance Company
NEXT PAGE - Honest Lawyer
