When Should You Conduct Rental Property Inspections in Louisville, KY?
The U.S. rental market has grown considerably in the last decade. Though there has been some cooling in the last year or two, it remains a lucrative investment.
Managing rentals can take a lot of work, though. This includes marketing, tenant screening, and addressing any concerns of residents. It also means staying on top of maintenance and ensuring the integrity of your investment.
This article explains the role of rental property inspections to this end. Keep reading to find out when you should carry them out and what you should seek to achieve.
Pre-Lease Inspection
A pre-move-in inspection is standard for most properties. Even if you have spent a lot of time getting the property ready for rental, it is the final chance to see if any updates need to be made to ensure tenant satisfaction. It also is an opportunity to document the condition of various aspects of the apartment.
Inspections During the Lease
Occasional inspections during the least are appropriate. About once every six months or one year should be sufficient for most purposes. To ensure everyone is on the same page, specify in the lease agreement when inspections will take place.
These inspections should review the status of the unit in general. It is a chance to check the function of fire alarms and appliances. You should also do a deeper dive into HVAC, plumbing, and electrical systems.
Annual inspections give you an opportunity to fix minor issues before they become major ones. This can go a long way toward saving you money down the road.
Pre-Move-Out Inspection
Just before a tenant moves out is a good time to inspect the unit. In fact, it may be the most important one on this list.
The reason for this is that it allows you to discuss any issues with the tenant before they are gone. You can talk with them about any concerns and possibly reach a resolution. It also gives you the chance to compare property conditions before and after move-out.
Post-Move Inspection
An inspection following the move is also vital. This is a thorough scan of the unit to determine if any repairs are warranted and, if so, will those costs come out of the renter's security deposit.
This inspection is also important for determining what steps need to be taken to get the property ready for the next tenants. This lets you put together a repair schedule based on damage and the effects of normal wear and tear.
Beyond standard cleaning, it will help you determine if carpets need to be professionally washed or walls repainted. It will let you identify any issues with appliances, lights, or other fixtures in the home (if they were not already made through a maintenance request by the departing tenant).
Learn More About Rental Property Inspections
Now that you understand when you should conduct rental property inspections, you can put policies in place to get the most out of your real estate investment. For further assistance with planning and carrying out inspections, consider hiring a professional property management company.
PMI Louisville is a full-service real estate management company. We offer a range of services, including marking, tenant screening, rent collection, grounds maintenance, and more.
Reach out to us today to schedule a free consultation.
