Around 60% of inspections in the United States lead to significant issues and defects.
Investing in rental property is appealing to a lot of people and can help set you up financially for the future. To do this, you'll need to invest and schedule rental property inspections.
It may not seem necessary at first, but once it's done, you'll be happy you hired a professional. In Layton, Utah, where the rental market is vibrant and diverse, property managers and owners need to be well-versed in various types of property inspections.
In this article, we'll explore three different types of rental property inspections commonly conducted. The goal of this guide is to educate you so you're prepared for anything.
1. Move-In Inspection
Before a tenant moves in, it's vital to conduct a move-in inspection. This will allow you to assess the status of the property before your new renter moves in.
You'll need to create a detailed report, including photographs, documenting the property's condition. The reason this assessment is so important is it allows you to reduce the risk of disputes regarding damages when the tenant eventually moves out.
As a landlord, you run into some trouble with the law if you don't conduct property rental property inspections.
2. Periodic Inspections
Periodic inspections are quarterly or you may want to conduct a bi-annual rental inspection.
These inspections are in place so you can address any property damage or maintenance concerns right away. This prevents larger issues from becoming too big. If there is property damage that needs to be fixed be sure to conduct a post-repair inspection.
Periodic inspections can uncover safety hazards as well. Issues like faulty wiring, carbon monoxide leaks, or fire hazards, can be addressed promptly if you know about them.
You can also use these inspections to check whether the tenant is abiding by the terms of the lease. For example, following the occupancy limits, pet policies, or smoking rules.
Be sure to include these in the lease so you don't run into any trouble with the tenants. You should also give them notice before entering the property. This will help you keep your tenant relations on good terms.
3. Move-Out Inspections
You'll always want to assess the property after the tenant moves out. These inspections play a crucial role in determining how much of the tenant's security deposit should be returned.
Deductions can be made for damages that exceed normal wear and tear. This will also show you what needs to be done before the next tenant moves in.
Types of Rental Property Inspections
Rental property inspections are a fundamental aspect of property management. Understanding the various types of inspections and their purposes is essential.
They'll allow you to keep the integrity of your property high and protect your investment. Whether it's a move-in, quarterly, or move-out inspection, each ensures the property's success and well-being.
Don't wait to have your rental property inspected. A staff member at PMI Home Team will help get you set up with an inspector. Send us a message and we'll back to you as soon as possible.