Smart investors are eyeing today's real estate market as a potentially lucrative venture; prices are down and mortgage rates are low, so there are some real deals on the market. But if you're looking to capitalize on the down economy by buying property at reduced rates, be sure you know what you're getting before you complete the purchase. Building analysis and home inspection can help insure that your new property is the great investment you think it is.

Home Inspection

Home inspection has always been a component of smart house-buying, but it's even more important in today's real estate market. Whether you're buying a new home for your family or are purchasing a house as an investment, you need to know what condition the building is in. If nothing else, a home inspection can help you determine if that fire-sale price is because of the economy or because there is something seriously wrong with the structure.

A home inspection is a visual inspection of all systems and components of a building that usually takes place to satisfy a contingent offer on a property. If the house is in the condition that the seller advertised, the sale typically goes through; if not, the offer can be renegotiated or withdrawn. The inspection will include assessment of structural elements, plumbing, wiring, HVAC systems, roof, and exterior. Having a house inspection prior to purchase is important because even if the building looks fine to you, it may have defects you are unaware of. A professional, licensed home inspector knows what each system and component is supposed to look like and can accurately identify any issues that exist.

To ensure quality, contract a qualified, licensed home inspector. While it may seem almost impossible to accurately assess the hundreds of items in a home, a qualified property inspector is equipped with the specialized knowledge to correctly evaluate the structure. He or she will be able to efficiently and effectively inspect the construction and condition of a home so that you can make an informed decision about purchasing it.

Commercial Building Analysis

Building analysis is important if you are considering buying an office building, apartment complex, or other commercial structure. These analyses can evaluate compliance with state, federal, and local regulations and are usually provided in addition to standard inspections regarding the soundness and integrity of the building. Building analysis is useful for determining if renovations are required and whether the structure is suitable for its intended use. Some types of building analysis include:

* Zoning
* ADA compliance
* Building code
* BOMA standards
* Site analysis
* Parking analysis
* Sun and shadow studies

When you have a complete analysis before buying a building, you can assess income earning potential as well as evaluate the cost of renovations or modifications necessary to meet code, ADA standards, or other legal requirements. Thus, a building analysis can help identify just how great an investment a particular building is and help you make an educated decision about the property.

The affordable prices and low mortgage rates available today make real estate an attractive option for investors as well as home buyers. However, ensure that you don't get burned by opting for a thorough house inspection or building analysis prior to purchasing. With this information in hand, you can make a great decision about buying property in today's economy.

Matt Gallo is a home improvement hobbyist and the Internet marketing manager for Prospect Genius, a leading provider of local online advertising solutions.