7) When you are finished rehabbing, based on the age of your property you may need a four point inspection. What is this and what is it for?
Answer: Insurance companies and state counties will grandfather in single family homes that are not up to existing code regardless of the home's age. If you decide to refinance the home or pull permits to rehab it, the home's age may become an issue. The age of the home starts to become a factor when it passes its thirtieth birthday. Some counties have different age parameters but you get the idea.
Insurance companies want to make sure the house has been brought up to code before they issue an insurance policy. During a Four Point Inspection the insurance company looks at the following to see if they have been bought up to code and functioning:
a) Roof
b) Electrical
c) Plumbing
d) Heating & A/C systems
P.S. Make sure you have the water and electric turned on at the time of the inspection.
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