How often should you inspect your investment property?
Routine inspections are an essential element of keeping your investment property in good shape. Furthermore, they might aid in maintaining open contact with your tenants. Continue reading to find out how frequently and why you should examine your investment property.
You need to balance tenant privacy and regular inspections
It’s smart to be proactive about property inspections, but you also need to respect your tenant’s privacy. The regulation varies between states, but generally, you can inspect your property up to four times each calendar year. Whether you’re self-managing your property or have a property manager, you must give your tenants at least seven days’ written notice for an inspection. For any follow-up appointments and repairs, you must provide at least two days’ written notice to access the property.
Regular property inspections can help you save money
It’s a good idea to be proactive about property inspections, but you should also respect your tenants’ privacy. The law varies by state, but in general, you can reasonably be able to check on your property 2-3 times a year. Whether you manage your home yourself or hire a property manager, you must provide your renters at least 24 hours written notice before conducting an inspection. It’s also best to take photos and explain to the tenant that this is also for their protection as well.
Routine inspections set a standard with your tenants
If your renters know that you or your property manager take care of repairs and maintenance on a regular basis, they will be more inclined to report any concerns that arise between inspections and look after your property. However, if you have renters who are not taking care of your property or suspect unlawful activities, frequent inspections allow you to take action before little indicators evolve into large, costly ones.
What maintenance items should you check at routine inspections?
There are several things you should look for during each routine inspection in order to take a proactive approach to maintenance and repairs. While each property is unique, you or your property manager should assess the following items at each inspection:
- Smoke detectors: The smoke alarms should be checked annually at a minimum to verify they are in working order
- Mold and dampness: Look for symptoms of moisture build-up, a musty odor, or visible spots of mold in window frames, walls, ceilings, and wet places.
- Structural cracks: Large cracks near doors and uneven floors might indicate structural problems.
- Loose or unstable balcony balustrades: Any indicators of instability on your balcony might pose a serious safety risk. If you feel the area requires repair, schedule a building inspection and close it down immediately.
- Exhaust fans: Ensure that exhaust fans are operational and free of dust and grime. Replace faulty exhaust fans as soon as possible to avoid more costly problems like mildew.
- Termite damage: Look for indicators of termite damage such as stiffness while opening or shutting windows and doors, as well as a hollow sound when tapping on wood.
Everyone benefits from a regular routine inspection schedule, including you, your renters, and your property manager. It aids in the maintenance of your home and ensures that any problems are addressed before they become costly to repair. If you haven’t inspected your property in a while, schedule one in the following weeks to ensure everything is in working condition and repairs are fixed as soon as possible. Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.
