Rental property inspections are quite common at the time of leasing or surrendering a property. However, many skips on regular inspections of the property once it is rented. However, this can compromise the interests of both parties. The property needs to be inspected throughout the year at regular intervals. Let’s walk through a few key benefits of regular inspection of your rental home.
1. Documented status of Property Condition
With regular inspections, you stay abreast with the structural and other integral components of the rental property. While many do it themselves; most prefer to hire a third-party building inspector to do the job professionally. They give you a well-documented status of the building. You can claim compensation from the tenants if any damage is done to the building between two inspections. Simultaneously, it serves as a preventive maintenance measure as you can spot any damage, crack early and take steps to resolve it.
2. Improves both owner and tenant’s liability to the property
Regular inspections keep both the owners and the tenants on toes. Along with the building inspector; you can easily pinpoint the tenant if he has breached the terms of lease like keeping an illegal pet or sub-leasing the property. Likewise, the tenant can point out any structural defects early or raise any issue. He would be extra vigilant and try to adhere to the rules laid out to him at the time of lease. Thus, both behave in a responsible fashion with regular inspections.
3. Maintenance does not get deferred
As stated out, any repair or maintenance work required by the property gets detected early by regular maintenance. This incites prompt action and the issue never escalates to turning serious. Thus, plenty of hassles and headaches get avoided for both tenants and owners. Moreover, the value of the property remains intact and even gets enhanced. Thus, you stay in the driver’s seat should you need to sell it, rent it to another tenant or even mortgage it.
4. Insurance needs remain validated
Most owners get their property insured. A major need of most home insurance policies is to get the property inspected at least once in a year. Regular inspections give you a documented record which can be easily submitted to the insurance company. This move might seem trivial but it is actually a life-saver especially if you need to claim compensation for any reasons.
5. Increases tenant retention
It is no rocket science that it is cheaper to keep an existing tenant than try to get another. A well-maintained property means a convenient and comfortable abode, thereby giving no area of concern for the tenant. He would feel well-cared for. A hassle-free life would deter the tenant from shifting to another house once the contract is over. He would likely try to extend his stay and take a fresh contract from you. This is a win-win situation for both parties.
Given the benefits, you cannot skip on getting your rental property inspected. It keeps the interests of both parties satiated as well as keep the structural integrity of the property intact.