You’ve finally got a property you’re serious about investing your money and your time in!  You’re ready to take that dive into the deep end.  Is that home or housing unit exactly what it appears to be?  It’s impossible to really tell until you get an Inspector in there to really INSPECT and do what he or she does best.

There are serious issues such as mould or even asbestos to consider.  A property with either of these issues needs to be cleaned up BEFORE any kind of further transaction will ever take place.

Canadian Real Estate Magazine says “Gone are the days when mould was simply the “nasty black stuff’ growing on a wall that was cleaned up with some bleach. Today we are more aware of indoor air quality and that exposure to mould can cause a wide variety of illnesses. Mould can cause symptoms such as allergenic reactions or asthma attacks, progressing to severe and chronic ailments with prolonged exposure.”

They go on to say “What do you do if you see or suspect you have mould? It is recommended you get a qualified mould inspector to do a proper assessment. Many property managers have unwittingly made their building’s mould situation worst by attempting to remedy the problem themselves.”

And what about asbestos?  “Equally as concerning as mould, and needs to be considered in older buildings.  Asbestos is a naturally occurring mineral that was commonly used in Canada until the 1980’s for acoustic and thermal insulation, and fire proofing. Many older industrial, commercial and residential buildings still have asbestos-containing materials, which can include: ceiling tiles, plaster, texture coat (stucco), drywall compound, vinyl floor tiles and sheeting, pipe insulation, and some loose-fill vermiculite insulation.

Asbestos is made up of microscopic bundles of fibres that can become airborne when the asbestos-containing materials are damaged or disturbed. When these fibres get into the air they may be inhaled into the lungs, where they can cause significant health problems. Prolonged exposure to high levels of asbestos fibres has been link to diseases such as lung cancer, mesothelioma or asbestosis.”  (Source: Canadian Real Estate Magazine)

Real estate investing can be incredibly profitable, IF you take care of the potential problems right from the beginning.  Seek out a reputable Home Inspector to ENSURE your investment gives you the returns you deserve!

Sincerely,

Michael Ponte, President & Founder

Prosperity Real Estate Investments

Phone: 604-882-6901