Most financial advisors agree that real estate remains the most lucrative investment option. Still, that doesn't mean taking on this kind of investment won't come with a lot of work.
It's essential you keep your properties well-maintained to ensure that they continue to provide value in the years to come.
To do this, you'll want to endure you perform regular rental property inspections. How should these inspections run and what do you need to know about them?
Read on and we'll walk you through the step-by-step basics.
Set a Regular Schedule
The first step in getting your inspections off the ground is to set a timetable that you can follow.
Set a regular schedule for property inspections. This ensures that each property is inspected at appropriate intervals.
Decide when these could take place based on the property's condition, location, and tenancy agreement. Inspections can be conducted annually, biannually, or quarterly. Tenants will need to be notified ahead of time.
Provide tenants with written notice of the upcoming inspection. This will be important in adhering to local regulations and lease agreements.
In many jurisdictions? Landlords are required to give a specific notice period before conducting inspections. This notice should include the date, time, and purpose of the inspection.
It should also include instructions or expectations for the tenants if there are any.
Prepare a Checklist
Develop a comprehensive inspection checklist tailored to your property's specific requirements.
The checklist should cover all the essential areas of the property. That includes interior and exterior spaces, appliances, and safety features. It also means any specific concerns or requirements unique to the property.
A well-structured checklist ensures that no aspect is overlooked during the inspection. It serves as a reference for future inspections.
Conducting the Inspection
On the scheduled day, arrive at the property with the inspection checklist and a camera or smartphone for taking photos. Bring with you any necessary tools to examine appliances or fixtures.
Begin the inspection by systematically going through each area and item on the checklist. Document any existing damage, signs of wear and tear, or maintenance issues you encounter.
Take clear and detailed photographs to go with your inspection report.
During the inspection, if you identify any urgent maintenance or safety issues that require immediate attention, take appropriate action. Notify the tenant about the problem and discuss a plan for repairs or resolution.
Addressing these issues demonstrates your commitment to maintaining a safe and habitable property.
Steps for Succesful Rental Property Inspections
If you're going to be a property owner, you'll need to stay on top of the major needs associated with your rental properties. Getting in the habit of regular rental property inspections can help.
The above information should help you perform this duty with ease.
Have more questions about managing your rental properties? Need more assistance? Give us a call anytime for more help and information.