The rental market in the United States offers opportunities for property owners to make a good return on their investment. There are more than 20 million rental properties across the country, with 48.2 million individual units.
As a landlord of one of these rental properties, it is essential that you carry out a routine rental inspection to help protect your investment.
Inspections can alert you to issues with the way the tenant treats the property. And even if you have a good tenant, inspections can identify issues with the property that need to be dealt with to avoid expensive problems from developing.
What is a rental property inspection and what do you need to keep in mind for your property?
What Is a Rental Inspection?
A landlord inspection for a rental is a review of the condition of the property.
When should you hold a rental inspection? You should hold an inspection before a tenant first moves in. In that way, you can agree on the condition of the property at that time, and hold the tenant accountable for any damage that happens after they move in.
During the tenancy, you should conduct a regular property inspection, so that you can keep on top of any maintenance work that is needed. Inspections are often conducted with the tenants so that you can make them aware of any concerns or if they need to allow access to the property for repairs.
You should also hold tenant inspection when they move out to check the condition that they are leaving the property in. Using a rental property inspection checklist at the beginning of the tenancy can help you to compare the condition of the property to when they moved in and decide if the tenant caused any damage beyond normal wear and tear. It can also provide evidence for any deductions you need to take from the security deposit.
What Should You Look For in a Property Inspection?
When you inspect your rental property, you should check for issues that you need to address. Ask the tenant if they have noticed anything that needs fixing and look through each room in case there is something they have missed. Some of the things to look out for include:
- signs of leaks, water damage, or damp
- signs of pests
- whether smoke and carbon monoxide detectors are working
- whether heating or HVAC systems are working correctly
- the state of the walls and flooring
- the condition of any furniture or appliances provided
Address any issues about the overall state of the property with the tenant. Have they altered the paintwork or decor without your permission? Are they keeping the property clean and tidy to avoid attracting pests? Put any concerns in writing and follow up.
Rental Inspection Helps Maintain Your Property in the Best Condition
Regular rental inspection is an important part of managing a rental property. It can help you carry out preventative maintenance and save you money over the long term. It can also identify problems with the way tenants treat your property or highlight great tenants you want to keep.
But property inspections can be time-consuming. Have you considered hiring a property management group to help?
HomeRiver Group offers full-service property management in the Kansas City, Missouri, area. We can conduct routine inspections on your behalf, as well as handling all your maintenance needs. Contact us today to find out more.