Annual inspections can prevent issues like pet damage to carpets and subfloors, saving landlords significant costs.
Protecting your investment is crucial as a landlord, and one of the best ways to do that is through regular rental property inspections. These inspections can often mean the difference between simple maintenance and unexpectedly expensive repairs. To illustrate just how impactful annual inspections can be, let me share a real-life story that highlights their importance.
I have a good friend, a banker with a rental home, who learned this lesson the hard way. He was using a property management company that didn't conduct regular inspections. Unfortunately, his tenants had pets that were not managed. The animals soiled the carpets so severely that the urine and feces odors seeped into the subfloors. Even after removing the carpets, the smell remained embedded in the subflooring. When new tenants were set to move in, they were deterred by the lingering odors. This issue led to significant repair costs and loss of rental income.
How often should you inspect? I recommend conducting an annual inspection, ideally on the lease's renewal date. Inspecting more than once a year can feel intrusive to tenants, while less frequent inspections may allow problems to be noticed.
“Annual inspections empower you to address issues early and maintain the quality of your rental home.”
So, how often should you inspect? The inspection doesn't need to be as extensive as a home purchase inspection but should cover essential areas:
Check all water sources for leaks or issues.
Inspect electrical systems to ensure safety.
Examine walls and floors for everyday wear and tear.
Look for unauthorized pets or occupants.
Assess for any signs of damage or neglect.
I also want to highlight the importance of documentation. A standardized form ensures a thorough inspection and provides documentation that can be invaluable if issues arise later. It also helps maintain the structural integrity of your property and keeps tenants accountable.
While renters may not always meet expectations, annual inspections empower you to address issues early and maintain the quality of your rental home. It's a simple step that can save you thousands in potential repairs and protect your investment in the long run.
At Peace of Mind Property Management, we're dedicated to helping landlords protect their investments. Feel free to reach out if you have questions about rental home inspections or property management. We're here to assist you in keeping your rental property in top condition.