If you have investment properties which serve you well, you’ve learned already that owning real estate is a great way to build wealth. However, when a tenant moves out, there’s a lot of action on your part to repair damages and ensure the property is ready to rent out again. It can be easy to want to skip steps and start getting rent deposits again, but that can be detrimental to your property. Why do you really need an inspection on your rental property?
Know the Properties Condition
First of all, when your tenant moves, your property will certainly be in a different condition than it was when they moved in. Your tenant could have left the property beautifully maintained in all ways, with scrubbed baseboards and carefully dusted blinds. But even then, there’s probably something that needs further maintenance before you have another renter move in. Having an inspection helps you to know specifically the condition of the rental, to make sure it’s ready, but also to make sure you have proof of condition to determine how much the tenant will get back of their security deposit.
Identify Safety Issues
When a tenant moves, inspections are also necessary to make sure there are no damages or repairs needed to prevent safety hazards. As a landlord, you don’t want any wiggly handrails, and no leaky gas valves. You may be liable for any injuries from unrepaired issues. If you have an inspection, this documentation shows that you have done your own due diligence to protect tenants.
Accountability
Tenants tend to respect whatever it is that you inspect, aso you need to have documentation of how your property looked before your new renter arrives. If your tenant knows you have had a visual inspection with photographs to document the condition of the property, the landscaping, the roofing, etc, then they will feel rightfully obligated to leave it in similar condition upon leaving. They will also be more likely to tell you about issues which need repair more quickly, and repair things themselves as well.
Having an inspection can seem like a costly delay before the rental can be moved into by a new tenant. In reality, however, it is an essential step if you plan on taking care of your financial investment. Protect your money by documenting your rental’s appearance and condition every time you relist it.
