Investment Property Inspection Plan
Maintaining a residential property requires active care and preventive maintenance to ensure the longevity of your home. In the case of rental housing, most owners do not live onsite and rely on tenants and management to maintain the condition of their investment property.
Despite one’s best effort to screen applicants in order to find the most qualified tenants, great credit scores, and on-time rent payments do not always reflect great home maintenance behavior. In fact, a lot of renters find one of the perks of rental housing includes the ability to defer home maintenance responsibilities to property managers and owners.
The best way to ensure your rental property is properly maintained and in great condition is to conduct regular inspections.
Inspections provide 2 key benefits to rental property owners:
- Identify any maintenance issues that need to be fixed before they become expensive problems.
- Make sure your tenants are following lease terms and taking care of tenant required maintenance.
Tennessee Inspection Services will help save you time, money and the stress that comes along with managing your own rentals.
Types of Investment Property Inspections:
- Each lease term should begin with a move-in inspection conducted when your tenant gets their keys and before they move in.. Move-in inspections document the condition of your property at the start of tenancy so you have a dated reference for any damage to the property, beyond normal wear and tear. Every room, wall, floor, window, door, appliance, faucet, light fixture, window treatment, etc. will be reviewed to ensure it is working properly. Any scuffs, dents, thumb tack holes, (really, anything big or small) will be recorded and photographed.
- The move-out inspection is your opportunity to determine the overall condition of the property when your tenant moves out. As part of your lease agreement, your tenant should understand they are expected to return the property in the same condition as they received it when moving in. Your move-out inspection will reference your move-in inspection paperwork and notes will be made about how the property compares to its condition at the start of tenancy and what needs to be done in order to return the property to rent-ready condition, including repairs and cleaning. Any tenant caused damage or cleaning, beyond normal wear and tear, can be deducted from your tenant’s security deposit. Conducting a move-out inspection is a great way to avoid tenant disputes over any deductions you made to their security deposit refund.
- Investment properties should be visited on a regular basis…every 3-6 months. During a safety & maintenance inspection, we will check the safety and security of your tenants by inspecting things like smoke alarms along with the overall cleanliness of the property. We will look for mold around bathrooms and kitchens, and make sure all appliances are working; heating is operational, and check for leaks among other things.
Investment Property Consultation Inspection:
- If you’re planning to purchase an investment property always get it inspected. Property inspections will give you the information that you need to calculate for future expenses like the age of the roof, windows, heating system etc. These major property fixtures all have a lifespan and if they are nearing the end you will need to budget and plan for replacing those items. Knowing the condition of the home will also give you the information for negotiating the price. If a lot of work is going to be needed in the near future this is a bargaining chip that you need to use when coming up with a price to offer on the home. During a consultation inspection we will meet you at your potential investment property and perform a walk-through inspection to identify any areas of concern.
Contact Tennessee Inspection Services to set up your Investment Property Inspection Plan today.
or call 731-699-0676