You want the best for your tenants when you buy a rental property. But you're putting them in jeopardy without a formal property inspection. Protect your tenants and your finances by hiring a professional inspector.
Homes can have countless problems beyond what's seen at first glance. Leaks, HVAC issues, and piping problems can contribute to disasters. Some unseen home problems can even be dangerous.
Your property is a long-term investment. You'll want it to have resale value someday as well. A property inspector can help you protect those desirable outcomes.
The Benefits of a Successful Property Inspection
There are dozens of things a professional inspector will look for in a home. You need to make sure you have all of your bases covered.
These are the five essentials to look for in a successful property inspection:
1. Find Someone Trustworthy with Credentials
Don't add risk to your long-term investment. Your inspector should have records of success. He or she should be trustworthy and provide references as well.
Ask your friends and colleagues for references. A proven positive experience is a good place to start. But you should still ask the hard questions.
2. Ensure You'll Get a Complete House Inspection
There are several inspection options available to you. You need to ensure your inspector performs the right one.
For example, the seller may tell you that the property has routine inspections. This is not a sufficient inspection when buying a rental property.
A routine inspection checks for fall-offs from the status quo. That means accepted issues and unregistered ones will remain a problem. You and the seller may have different ideas about acceptability as well.
A professional inspector will look for unseen issues. These include dry rot, termites, and other long-term problems. Be sure the inspector is accountable to you and no one else.
3. Choose an Inspector Who Has Your Goals in Mind
What sort of things would you like to have checked out in a property inspection?
If you have small children, your inspector should consider that. Loose wires may be okay for some inspectors, but dangerous to young families.
All aspects of the home must be of sound structure. If you allow pets, your inspector should check for growth and fencing issues outside.
He or she should help you schedule your inspection when you decide upon your move-in date. The inspector should be available to you during business hours as well.
4. Ensure the Inspector Is Accountable
You have a right to know if the inspector is doing his job. You should have an opportunity to learn about your future property as well.
Pick an inspector that allows you to join them during inspections. Buyers are more likely to get a false or insufficient report otherwise.
5. If Your Inspector Finds Problems, He's Probably Doing a Good Job
You're unlikely to find a property that is completely free of problems. Even new homes are 'untested' and may have built-in flaws. Your inspector should work with you to understand your options.
He should be a consultant too. You know what you can and cannot manage in a new rental property. Balance the pros and cons so you can choose the best home for your finances and future tenants.
Get the Greatest Value from Your Property
When your tenants' families are at stake, you need great property management on your side. Clockwork Property Management provides personalized support throughout the lifetime of your investment.
Contact us now for a short conversation about your goals. We'll help develop a custom plan that's right for you!