Why Regularly Inspecting Your Investment Properties Saves You Money
Having regular home inspections on your Charlotte area rental properties can save you money. The following is a guest post from Joey Hayes from Dawson Property Management.
As a landlord, one of the first things you learn is to never expect tenants to look after your property the same way you care for it. As a rule, you can expect tenants to do the barest minimum to protect the systems and structures of the property. The majority of time, you can be certain that if it costs money or requires effort, tenants are going to find a way to avoid it.
This is the main reason you should screen prospective tenants before you lease to them. It is also why you require tenants to make a security deposit, even after you screen them. But in spite doing all that, you know a security deposit will not offer full protection. Tenants can still cause damage to your property despite of their deposit.
Sometimes, if you get a really bad tenant, they can do more damage to the property than their security deposit can pay for. Although you can usually evict and sue the tenant to get them to pay for the damage, you really don’t want that hassle. The big question is how can you, as a landlord, adequately protect your property and keep tenants from misusing the rental?
The most effective way to protect a rental property is to keep it under close watch. How can you keep a close watch on a rental without disturbing the tenants and violating their right to quiet enjoyment of the property? The best way is to have scheduled inspections of the property and add this clause in the lease agreement you give your tenants.
Why should you inspect an investment property regularly?
You do it for the same reason that you became a property investor, to make money. But is it legal to inspect a rental when there are tenants in it? The truth is the tenancy laws in Charlotte, North Carolina, South Carolina, and other parts of the United States actually make it legal for landlords to inspect their rental property even if there are tenants in it.
But how you do the inspections matter. Even if you are acting within your legal rights when you inspect a rental, you wouldn’t want to alienate the tenants on the property. To make it work, inspections must be seen as mutually beneficial to both the owner and the renter. What are the steps to take if you want to inspect a rental without upsetting the tenants in it?
Inspections must be included as a clause in the lease agreement and tenants should be adequately educated on the why, how, and when of the inspections.
To make the inspections less intrusive for tenants, they should coincide with your seasonal maintenance for the rental property.
Tenants should be informed months, weeks, and days ahead of the inspection day. This should be done via email and telephone calls.
A vital part of the inspection must be to show tenants how to care for the features of the property in order to save them money and ensure they get their security deposit back at the end of the lease.
How regular inspections of your rental can help you save money
Here is how regular inspection of your Charlotte, North Carolina, and South Carolina investment property can save money.
Enforce the lease terms
If you don’t permit pets in the rental, you want to make sure your tenants don’t sneak a pet into the home. You also want to be sure that no one is living on the property illegally. Property owners and/or managers can attend inspection and note if there’s anything that violates the lease.
Keep up with maintenance and repairs
One dollar of preventative care will save you hundreds of dollars in repair costs. Regular inspections let you stay abreast of the issues on your property. You can identify problems caused by the proper use of the property and those resulting from tenant behavior. You will save a lot of money if you deal with these issues on time.
Shorter turnover periods
Regular inspections will keep your property move-in ready. By staying up-to-date with the issues in a property, you know what needs to be fixed when a tenant leaves. Regular inspections also let you minimize the time and cost of getting a rental ready for the next tenant.
Longer lease periods
Regular inspections of the rental, while giving your renters feedback on what they are doing right or wrong will improve your relationship with those tenants. If your tenants see that you are taking steps to keep the property in good shape and also listening to their complaints, they are more likely to renew their lease.
Improve the market value of your property
The physical state of the property and your ability to attract quality tenants in the long term will contribute to the overall value of the property when you eventually decide to sell it. A property with up-to-date features and no hidden issues will be able to command a higher-than-average selling price.
Bannon Home Inspections is proud to provide investment property and rental property inspections to the greater Charlotte area and the Carolinas. Let us know how we can help you protect your rental with regular inspections.
Call us today for more information
704-776-3659 or to schedule online, click here.