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If you’re planning to buy an investment property, you’ve most likely already done your proper research the property thoroughly, checked records, and negotiated the cost of any repairs into your final purchase price. Unfortunately, many real estate buyers, including savvy investors, ignore a critical concern when inspecting a property for potential problems: There are pests present.
It is time for pest control.
But first, did you know that the longer you allow pests to lower the value of your investment property without calling in pest control, the more likely you are to run into penalties from your mortgage lender for allowing the property to depreciate? To learn more about how to handle lender relations and avoid problems such as these, click the link below for a free strategy call.
Pest Control Issues
Pests are, for the most part, simple to deal with. A few visits from a pest control specialist, particularly while the building is still vacant, usually quickly solve the problem.
However, pest infestations can sometimes spiral out of control. What’s the result? The building suffers serious structural damage, resulting in a loss of investment. Furthermore, if renters move into a rental building while it is still infested, you and your tenants may lose faith in one other. In either case, you’ve done a lot of damage to your reputation as a landlord.
Every real estate investor should inspect possible investments for diseases and pests carefully. If you suspect a pest problem at a home you wish to buy, you’ll need to look into the degree of the problem, the sort of bug that’s infesting the structure, and possible pest control solutions.
Detecting and Identifying Infestations
If you suspect a pest infestation, employ a third-party pest control consultant to give you an unbiased assessment of the dangers of proceeding with the sale.
The severity of the damage will be determined by the type of rodents and the length of the infestation. While rats are an irritating bother, a short-term infestation is unlikely to inflict significant structural damage. On the other hand, termites or carpenter ants could eat away at the building’s structural integrity.
But how can you know if you should be concerned to begin with? When touring a potential investment property, keep the following warning signals in mind:
Look for ants and cockroaches, which are common household insects. Cockroaches, in particular, produce sticky deposits on the walls and ceilings that resemble streaks or trails. Cockroaches, while they may appear to be a little annoyance, are rather harmful! They’ve been linked to respiratory issues. Ant infestations are normally harmless, but they can be bothersome to tenants.
Rats and mice
Rodents are notorious for transmitting lice, ticks, and sickness, so you don’t want them in your rental property. Fortunately, the indicators of a rat infestation are usually easy to identify before you close the door. Mice and rats prefer to concentrate in regions where they can leave droppings. Look for mouse droppings or indications of nibbling in the basement, garage, attic, closets, and kitchen cabinets. Rodents could be residing in the walls if holes appear along the baseboards, especially in corners.
Few pests are more hated and feared than bedbugs and with good cause. It’s very tough to get rid of a bedbug infestation once it’s established. The majority of people unintentionally acquire up bedbug infections when staying at hotels. Unlike most other pest control problems, diagnosing a bedbug infestation while inspecting a house is quite difficult. There are a few warning signals to watch: Bedbug excrement could leave rusty stains on the carpeting and furniture.
You’ll have to pound on wood—literally—to see if your possible investment property has a termite infestation. Unlike most other household pests, termites are a threat to a building’s structural integrity because they eat away at wood and drywall. Look for signs of termite tracks on exposed wood and mud tunnels along the base of the building. Also, if you pound on beams and studs and sound hollow, you may have a termite infestation.
Discover Residential Property Management With This Step By Step Guide
Strategies for remediation
Once you’ve established a pest infestation at your potential investment property, you’ll need to identify the severity of the infestation. You’ll know what cleanup options are available and doable from there.
Depending on the type of pest that has taken up residence in the house and the intensity of the infestation, pest control solutions can vary greatly.
Spraying for insects and bugs like moths and ants is a common pest remediation strategy. If the infestation is minor and recent, a few spraying appointments might enough, as long as you follow up with your pest control specialist’s frequent visits to keep the infestation at bay.
Some bugs are more difficult to get rid of than others. Bedbugs, for example, require heat treatment to be removed. The only way to get rid of a bedbug infestation is to expose them to a lot of heat. This means that bed bug-infested buildings must be abandoned and treated with a specific machine that raises a building’s air temperature. When dealing with a bedbug infestation, it’s normally necessary to remove all carpets and furniture.
Termites, on the other hand, necessitate the ‘tenting’ of a home. This is when a vinyl tent is stretched around the structure and a potent, high-intensity insecticide is applied. This usually gets rid of the infestation, although it can make the building uninhabitable for a few weeks.
Rats and other rodents are frequently eradicated using a combination of poison and traps. While these are excellent strategies for dealing with rodent infestations, they also put pets and small children in danger. If you’re dealing with a rat infestation, it’s critical to speak with your tenants about how they can keep their children and pets safe.
Say goodbye to bugs for good
While bug problems are rarely a deal-breaker, they should make you think twice about buying a house. When considering whether or not to proceed with a purchase, it’s critical and prudent to consider insect infestations. Calculate the cost of pest control and negotiate it into the property’s sale price, if nothing else. And, if you decide to handle the situation on your own after the closure, be prepared to seek professional advice from a pest control expert on the best course of action.
If you need additional funds to set aside for pest control scenarios, click the link below to book a free strategy call to discuss drawing out equity to build a pest emergency fund.