Are you overlooking rental property inspections in your maintenance plan?
This is an essential first step, whether you're conducting routine maintenance or buying a property. You also need an inspection when listing a property to rent or sell.
Inspections require drafting a long list of checkpoints. This checklist ensures every feature, from flooring to electrical wiring, is inspected thoroughly for repair, replacement, or upgrading.
Here's a closer look at the value of a strict inspection.
The Value of Your Property
When was the last time you requested a property valuation?
This step is vital to understanding the current and future value of your property.
You need to understand this value when creating a rental pricing strategy or selling strategy for your property. Metrics like appreciation rates also play an important role in property value.
Fortunately, you can request a rental analysis for free from a property management company like PMI Phoenix Golden West.
Understanding rental value will help you understand which elements you need to upgrade to improve that number. For example, kitchen and bathroom upgrades are extremely popular with renters and prospective homeowners. They also prioritize upgrades like HVAC systems, quality plumbing, new flooring, and durable roofing.
As you upgrade your property, request valuations periodically as appreciation rates (and surrounding property values) grow to see where your current value stands.
How to Organize Rental Property Inspections
Property inspections help you get all your ducks in a row and prioritize urgent items first.
Start with health and safety checkpoints.
These points include:
- HVAC systems
- Plumbing
- Electrical wiring (including HVAC)
- Kitchen appliances
- Home structural elements
HVAC systems, for example, play an instrumental role in controlling indoor air quality. Old systems circulate dust and debris into the air, causing health issues like respiratory problems and fatigue. Air conditioners also regulate humidity which is important for preventing mold-related illnesses.
An inspection can reveal major plumbing problems like old pipes, clogging, and incorrect installation. The last point echoes the importance of choosing professional installation over DIY repairs. It's also another reason to hire a property manager; managers know how to hire the right plumbers for the job.
Overlooked structural issues like old siding can lead to water damage and pest control problems. If a roof is overdue for a replacement, there's a higher risk of HVAC heat loss, insulation problems, and storm damage.
Faulty appliances like old gas stoves can also lead to dangerous indoor air pollutants. Any gas-powered appliances, including furnaces, should be inspected for gas leaks.
How a Property Manager Can Help
A rental inspection checklist is quite large. It definitely helps to have a property manager on the job. Property managers are even more experienced in conducting inspections, helping them spot even more issues that need repair.
An inspection is often the first task of a property manager's role. They'll also thoroughly inspect a property for repairs and upgrades when preparing a property for rent.
Start Organizing an Inspection
Rental property inspections add so much value to your real estate portfolio. Don't miss out on increasing the worth of your property or pay for overlooking a vital checkpoint.
PMI Phoenix Golden West has a team of experienced property managers who can help. Learn more about our services or call us directly!
