As a buyer of residential property in Las Vegas, Nevada, one of the essential factors to consider when purchasing a property held for investment purposes by the seller is its repair history. Knowing the property’s repair history can help you make an informed decision about whether it’s worth investing in or not. In this blog post, we’ll provide you with some tips on how to obtain the repair history for a property that has been used for investment purposes by the seller.
Ask the Seller or Listing Agent
The first and most obvious step to obtain the repair history of an investment property is to ask the seller or their listing agent. Fortunately for home buyers under Nevada Law, NRS 113.130 mandates disclosure by sellers through the Seller’s Real Property Disclosure ‘SRPD’ form. Nevada is not a buyer beware state when it comes to purchasing residential property! The SRPD is a five page form that prompts either yes, no, or n/a responses to specific questions in specific categories such as; plumbing, mechanical, and electrical.
Check Public Records
Another way to obtain the repair history of an investment property is to check public records. Many cities and counties keep records of any permits that have been issued for work done on a property. For Las Vegas building permits can be check at either Clark County Building Permits or City of Henderson for Southern Nevada. You can request copies of these permits and review them to get an idea of what work has been done on the property. You can also check for any building code violations or complaints against the property, which can indicate any significant issues or repairs needed.
Contact Property Management Companies
If the investment property is a rental property, it’s worth contacting the property management company that manages the property. Property managers are responsible for maintaining the property and should have records of any repairs or maintenance that has been done on the property. They should be able to provide you with this information, which can give you an idea of the property’s repair history. Be mindful that the Property Management company will most likely need to obtain consent from the owner of the property before divulging any information.
Pro Tip: If the investor or non-occupied seller delivers the SRPD with no repair issues and they have owned the property for several years this should prompt further investigation to request a repair summary from the property management company because tenants generally contact the property manager to submit repair requests!
Conduct a Home Inspection
Conducting a home inspection is another way to obtain the repair history of an investment property. A professional home inspector can identify a host of issues or repairs needed on the property and provide you with a report detailing their findings. The report generally prioritizes a list of recommended repairs on or maintenance for the property.
Conclusion
Obtaining the repair history of an investment property is crucial in making an informed decision about whether to buy a particular property that has been used as a rental property. By asking the seller or their listing agent, checking public records, contacting property management companies, and conducting a home inspection, you can gather the necessary information to make an informed decision. Remember to be thorough and to review all available information to ensure you are making the best decision for your investment needs.
Contact Teresa if you would like to schedule a consultation for real estate services in Southern Nevada.
