There are nearly 20 million rental properties in the United States, according to the U.S. Census Bureau. The average annual cost of owning a home is $18,818. As such, rental properties are a significant investment for landlords that can bring in plenty of profit.
Rental properties are also a risk, as damage to the unit can cost money to repair and lead to extended vacancies. Routine rental property inspections are key for keeping up with tenants and maintaining your property.
Here's how often you should perform rental property inspections and mistakes to avoid.
Initial Tenant Move-In Inspections
The first inspection begins at the start of the tenancy. You'll want to conduct a move-in inspection to document the property's condition before a person lives there. This is key for both the renter and the landlord.
You'll use this inspection to determine the property's condition at future inspections.
Routine Rental Inspections
Routine inspections should occur every three to six months. These are key for lowering property maintenance costs, as you can deal with issues before they become major problems.
A property management company can help protect your investment by performing these at all your properties.
Seasonal Rental Property Inspections
Seasonal inspections are important if you live in an area with seasonal weather patterns. Both heavy rain and snow dams can cause damage to both exteriors and interiors.
Conduct these inspections twice a year to prepare for weather-related maintenance.
You can also weather-proof the property by:
- Adding extra storm drains
- Applying weather strips
- Maintaining the HVAC system
Lease Renewal and Move-Out Inspections
Landlords should perform another inspection whenever a tenant renews their lease or if they're moving out. These inspections can assess whether or not tenants maintained the property responsibility. You can make rent adjustments based on the property condition and market trends.
A move-out inspection is where you'll determine if a tenant gets their security deposit back. Always provide an itemized list of any deductions to a tenant within 30 days of using it.
Common Landlord Inspection Mistakes
One of the first legal mistakes you may make as a landlord is failing to screen new tenants adequately. Even if they have a good job and no criminal record, that doesn't mean they're good tenants. They could have a history of paying rent late or violating lease agreements.
Another mistake to avoid is using the security deposit for anything other than what is listed in the lease. That can lead to legal repercussions if the use of that deposit isn't agreed upon.
Perform Rental Property Inspections On a Schedule
Nothing is worse than a landlord who drops by suddenly, looking for an excuse to inspect your rental space. As a landlord, it is your responsibility to perform rental property inspections routinely and let tenants know when you're coming by. It helps to encourage positive communication between both parties.
PMI Arka provides property management services in the Bellevue area. Our experts can help with property marketing, tenant screening, rent collection, and much more. Set up your consultation today to discuss your options.
