Why Regular Home Audits are Important?
As a landlord, it is critical that you find the happy medium between overbearing and obsessive and completely hands-off. You want to make sure that your property is being well taken care of, but you don’t want to infringe on the privacy of your tenants. Your tenants are responsible adults, (hopefully,) and most do not need to be micromanaged to ensure that they treat their rental property with respect.
However, it is in your best interest as a landlord to make sure there are eyes and ears on the property regularly. Whether you decide to conduct these periodic property inspections or hire YourOwnROOM (or any other property management company in your area) to do it, periodic property inspections need to be done. These inspections can help save you money, and catch small issues before they turn into significant problems.
It is no surprise why so many seasoned landlords and property managers rely on periodic property inspections to keep their property safe, their tenants happy, and their rental income regulated.
Asset Protection
Performing regularly-scheduled periodic property inspections help with asset protection. When tenants know upfront that you will be performing these routine inspections, they are more likely to treat the property with care and respect. This reduces the repairs and upgrades you will have to complete on the home over time. Some tenants who are uncomfortable with having strangers in their homes fail to report small issues, such as leaking pipes or cracks in the walls. These minor issues, undocumented and unnoticed, can lead to more significant problems. Periodic property inspections help you catch these problems and protect your investment.
Reduces Long-Term Vacancies
Another reason why these types of inspections are so important is that it reduces long-term vacancies. During these regularly scheduled inspections, you can address maintenance issues before they become a problem. When a renter moves out, you will not be surprised by unchecked maintenance issues that will take time and money to fix before the home is rent-ready again. Preventive maintenance on a home throughout the course of the tenants’ time there will make it easier to clean up, perform a few repairs, and get the house ready for the next tenant. When a property is rent-ready for the next tenant, you can avoid extended vacancies and interruptions in cash flow.
Reduces Safety Risks
When a tenant gets hurt in a property and presses charges against a landlord, one of the most common responses from the landlord is, “I wish I would have known!” Many times, tenants are hurt on the property due to maintenance issues that could have been easily
fixed if the landlord had known about them. Periodic property inspections help to ensure that the home is liveable and safe and reduce the chances of a tenant getting hurt in the house.
Tenants’ living conditions
While the property may be in generally good condition, this doesn’t necessarily mean that your tenants are looking after your investment. Although you may not be able to evict them based on their living conditions, you may decide that you do not wish to renew the contract at the end of the tenancy agreement.
As a landlord, you cannot tell your tenant how to live if they are untidy, but if you find that they are unclean, you can inform them that this will resort in damage to the property. For instance, if they leave clothes hanging around, that is their lifestyle choice, but if they do not clean the bathrooms, this could result in staining of the fixtures and fittings.
Good Relationship
If you don’t value the relationship you have with your tenant, you may be making a big mistake. Clear communication and a good rapport are key to a stress-free relationship, which can even make your investment more profitable.
Not only does a good relationship make everything easier for you, such as arranging inspections and repairs, but it makes your tenant more likely to renew the tenancy agreement at the end of the fixed term. This ultimately leads to long-term, reliable tenants for you.
Performing rental home inspection is an integral part of the entire renting process. Regular inspections can prevent potential large problems down the line. A rental home inspection reveals to a prospective tenant the kind of living condition they are going to witness. It may also reveal other issues that are less noticeable that could cause major problems in the future
