As a rental property owner and investor, one of the situations you hope to avoid is having a distressed property. Bringing a distressed property back to life and into a rentable condition can be costly. Property owners recognize that routine maintenance can help prevent those huge and burdening renovation expenses.
Ongoing and routine maintenance efforts will also ensure you can preserve the integrity of the rental. But to really know what maintenance areas to address and when, you also need the help of a qualified inspector to perform regular inspections. Today, we’ll highlight five of the many benefits of scheduling those routine rental property inspections.
A Significant Reduction in Maintenance Costs
Inadvertently neglecting a small problem can quickly turn into a high-priority, expensive problem. And one of the most apparent benefits of performing regular property inspections is this significant reduction in maintenance costs. Identifying and fixing a one-dollar concern now can help you avoid addressing a $1,000 issue later. Certified home inspectors can also tell you if damages are considered normal wear and tear on a property versus tenant-caused problems. Identifying concerns with a renter, allowing you to take necessary steps to address tenant behaviors, can be cost-saving, as well.
A Maintained Property Is an Easily Rentable Property
Preserving your investment with regular property inspections and routine maintenance ensures your property is always in its most rentable condition. Distressed or neglected properties require more time and budget to get them rent-ready. Fixing a loose railing or replacing an interior door is much easier to manage and afford. And those small fixes will be one less thing to repair when you’re ready to showcase your rental to new potential tenants.
Improve the Appreciation of Your Rental Property
Rental property appreciation is typically based on location and overall condition. While you can’t necessarily control where your property sits, you do have complete control over its condition. Performing regular property inspections allows you to continually make improvements and indirectly improve the appreciation of your rental investment.
Increase in Cash Flow
You can’t charge top dollar rent for a subpar rental property. So, in a way, ongoing maintenance efforts directed by routine inspections can help increase your cash flow. Premium market rents are reserved for those properties in prime condition. Drafty windows, loose shingles, and leaky faucets can seriously cut into your profit potential if not maintained and managed regularly.
Preserving Your Investment & Avoiding Distressed Conditions
You might visit your physician for regular checkups. And you do so to make sure you’re maintaining a healthy lifestyle, engaging in early detection efforts, and ultimately, prolonging your life. Consider your rental property investment in the same light. Regular property inspections can help you make sure your rental is safe for tenants. They can help you identify early detection of major maintenance projects before they become costly endeavors. And they can improve your overall return on investment because your property will never fall into a distressed state.
To know how often you should schedule those regular property inspections, consult with a Certified Home Inspector in the area for advice. You’ll want to make sure you hire a professional with experience and credentials with the American Society of Home Inspectors or the International Association of Certified Home Inspectors. These inspectors are bound by standards of practice and can offer more reliable reporting across a variety of aspects of the property. Some rental property owners perform inspections annually, and others schedule seasonal visits. One thing is certain. Not performing them at all could prove to be costly.