Not performing regular inspections on a rental property puts the property in jeopardy of becoming distressed. A distressed property is more costly to maintain and more difficult to rent. In this article, I am going to discuss 5 benefits of performing regular inspections.
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Lower Maintenance Costs – The most obvious benefit to performing regular inspections is lowering the cost to maintain your rental property. When you perform regular inspections, you are able to identify a one dollar problem and fix it before it becomes a one hundred dollar problem. It also lowers your maintenance costs because you are able to identify issues that are being caused by the tenant and you can require that they resolve the issue so that it doesn’t hit your bottom line.
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Faster To Rent – The time it takes to rent a property can be severely hindered if the property is distressed. As mentioned above, regular inspections help keep the property from becoming distressed. If you regularly inspect your property, you keep it from becoming distressed, and hence you have a better chance to rent it faster.
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Better Appreciation – The appreciation of a rental property is based on several key factors such as location and condition. You really can’t do anything about the location of the property. However, you have immense control over the condition of the property. The condition of the property has a direct correlation to the appreciation of the property.
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Better Cash Flow – It is a bad idea to charge premium rents for a property in bad condition. However, if your property is in great condition, you are able to charge premium market rents which help your property cash flow better.
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Protects The Property From Distress – I’ve used the word distressed a lot in this article so I hope you get the point. The inspections will keep your property from becoming distressed and ultimately, you are able to achieve a better return on your investment.
These benefits should motivate all rental property owners to perform regular inspections much like going to the doctor for yearly checkups. These inspections can be conducted by you or you can hire a company to perform the inspection on your behalf. For more information about performing regular inspections please contact me.
