Property Inspections 101: 4 Quick Tips
This is a guest article written by Rachel Lindsey.
So you’ve got yourself a second home and are renting it out for the first time. In this expensive housing market, owning an investment property can be difficult, and getting a second mortgage can be tough. For those who have managed it, however, a second home can act as an added security as well as a handy bit of extra income. Though owning someone else’s home can be quite a responsibility, and there are a few basic yet important things to know about managing your property and tenants. One key aspect, for example, is carrying out regular property inspections. In addition to helping you check that everything is in order, property inspections can also help you ensure your house or flat is being maintained the way it should. To help you get started, here is our basic guide to undertaking an inspection.
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Preparing for an inspection
First of all, there are some preparations you should do before conducting the actual inspection. You will need to let the tenants know you are planning a visit. Your contract should clarify the amount of notice you will need to give. Often, this will be 24 hours, but it’s courteous to give a little bit longer. You might also want to give your tenants a list of things you’ll be looking at during the inspection, so that they can do some preparation in advance. This list might include appliances or areas you’re interested to see. If you have the time, you could also send them some handy guides to things they might need to do before you get there, like how to defrost a freezer or how to remove mould from the walls.
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Checking the appliances
Once you are at the property, there are a few things you should prioritise. Appliances are particularly important. These are things like the fridge, cooker, boiler etc. Make sure to check each thoroughly as these are the items that can cause you significant stress down the line. Be sure to know what to look for with each appliance - such as signs of wear and tear or anything that suggests the appliance might be on its last legs and needs replacing in the near future.
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Checking cleanliness
When undertaking a property inspection you should also be sure to assess the cleanliness of the house. It is the tenant’s responsibility to keep your property clean and while they can keep the place as they like it while renting, it’s a good idea to check that things aren’t getting too tarnished throughout the tenancy as this could lead to more stress when they leave.
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Checking for breakages and wear-and-tear
Finally, it is important to assess for any signs of wear and tear. Minor damage is to be expected and tenants cannot be penalised for this, but anything in excess of this should be identified and discussed. A property inventory can help to clarify any breakages and what the cost of repair will be. Although some landlords prefer to do this only at the end of a tenancy, most find it easier to deal with things as they arise.
Property inspections can take time to master, but once you have completed a few inspections, they should start to feel easier and more manageable.
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