Myth 5: You have to use the inspector that your real estate agent recommends.
Truth: Your real estate agent will probably have a list of inspectors they can vouch for, but that doesn’t mean you have to choose one of them. You’re well within your rights to do your own research and choose your own inspector if you wish.
Myth 6: Inspectors grade homes on a “pass/fail” basis.
Truth: A home will never “pass” or “fail” an inspection based on an inspector’s findings. Your inspector is there to give you an objective overview of a home, not to make judgments about its overall worth. Each system or component is evaluated, then, in your inspection report, they’ll note whether the item is in acceptable condition or needs evaluated by a professional for repair.
Myth 7: Inspections aren’t required for new construction.
Truth: Every home, whether it’s 1 or 100 years old, should be inspected by a qualified professional. That’s because any home can have defects. Certainly, age-related defects make up a large percentage of issues inspectors spot, but building mistakes happen. Even if you’re the home’s first buyer, you’ll want to make sure that all components are in place and installed correctly for safety reasons.
About National Property Inspections
Since 1987, National Property Inspections has been the premier provider of home inspections and commercial property inspections throughout North America. NPI inspectors evaluate thousands of homes and commercial properties each year, utilizing industry-leading training and technology to give you an unbiased look at the condition of any home or commercial building. Our ever-growing list of satisfied clients includes homebuyers and sellers, commercial property investors, employee relocation companies and more. Schedule your inspection today and discover why NPI is the first name in home inspection.
About Jon McCreath
A former NPI franchise owner and real estate agent, Jon joined the NPI corporate team in 2019. Before coming to the real estate industry, Jon served as President of Vale Training Solutions, a company that provides on-site and online training courses for claims specialists. With his inspection expertise and foundation in classroom instruction, Jon teaches and mentors new franchisees during their two-week training course in Omaha. He also handles technical support calls during and after office hours and guides franchisees through the state licensing process.
Can my IRA purchase real estate that I currently own?
No. This is considered a prohibited transaction (see IRC 4975). You may not purchase a property, or interest in a property, that’s currently owned by a disqualified person, which includes yourself.
Am I restricted to only purchasing residential property with my IRA?
You are not limited to residential real estate. Your IRA can hold various investment properties such as commercial buildings, vacant land, condominiums, mobile homes and apartment buildings, in addition to residential property.
As Equity Trust Company (“Equity Trust”) is a directed custodian, like any investment, it is your responsibility to conduct your own due diligence before investing and before choosing a provider that is right for you. Equity Trust may, from time to time, establish independent contractor relationships with third-party providers, as provided above, whereby you, as the IRA owner, can have access to third-party providers for services that may be beneficial to you. Equity Trust is not an affiliate of any such provider. Equity Trust makes no recommendation or representations as to any provider and service or the needs generally of any IRA owner or any IRA. Any service available from any provider that offers investment education or advice solely reflects the views of such provider and in no way represents any recommendation or advice from Equity Trust. Opinions or ideas expressed by third parties, their affiliates, and employees are not necessarily those of Equity Trust nor do they reflect their views or endorsement. IRA owners are in no way obligated to purchase services and IRA owners are free to choose a provider with services as they deem appropriate. IRA owners should consult with their financial and legal advisors before choosing to work with any provider.