A thorough inspection is one of the most important aspects of owning an investment property. Today, I explain why you need to conduct these inspections from my perspective as a licensed home inspector.
Why You Need Property Inspections
Property inspection is when you or a licensed home inspector walks through the entire property and thoroughly checks it for any issues or damages.
It is one of the most basic management tasks; whether it’s a minor check-up or a thorough inspection, property inspections help you ensure a property is functioning to its maximum potential.
Here are three reasons why you shouldn’t skip inspections on your property:
1. Avoid liabilities
Loose steps, flaking paint, and busted lighting are some issues that could get you into trouble.
Anything that can cause someone to get hurt would be your responsibility. These are all liabilities that you can get sued for and would go under your insurance, and you wouldn’t want any of that.
2. See how tenants treat the property
We conduct inspections twice a year using the software called zInspector. It allows you to document your property’s condition with photos, videos, and detailed annotations that are securely stamped with the date and time and geo-located to the property address for easy reference.
Your property’s condition is important, whether you’re putting it up for sale or when it’s being used as a rental. You should conduct property inspections before you offer a renewal on your lease or while the current tenant is still staying in the property.
We may offer a lease renewal if they keep the property in good condition. If they’re not, we might not offer that renewal, but at least we can talk to them about remediating the damages and treating the property better.
3. Monitor and record damages
Probably the most important reason to conduct property inspections regularly is to have documentation. Even if tenants claim not to be responsible for the current damages on the property, you can show them proof.
You can use those inspection reports to compare the state of the property before and after they occupied the unit. With documentation, you can charge them for repair costs by deducting the amount from their security deposit.
The Landlord Tutor Promise
My experience and expertise as a property manager and home inspector allow me to give insights into how property inspections can help protect you and your investment property.
Join the Landlord Tutor community and sign up here to learn more about property inspections and keeping your investment properties profitable.
