Are you looking for ways to maximize the value of your rental property in Northern Virginia?
It's no secret that investing in rental units is a great way to build wealth for the future, but it can also be incredibly stressful. After all, finding quality tenants isn't easy and you have to maintain the property, which is often an expensive and exhausting process.
One of the keys to keeping your property investment in great condition is to conduct frequent rental property inspections. Why is this so important? This article provides the answers to all your questions.
Here we take a look at the benefits of inspecting every rental unit to ensure the best possible condition. Keep reading to learn more.
Types of Rental Property Inspections
Let's start by discussing the various types of inspections that property owners should conduct in an effort to ensure the condition of their rental units. These include routine inspections, move-in inspections, move-out inspections, and drive-by inspections.
A routine inspection should be conducted every 6 to 12 months, though some landlords prefer to perform them more frequently. Always give your tenants 24-hour notice so they can clean up and deal with their pets. Be sure to clearly state your routine inspection policy in the lease agreement.
A movie-in inspection is conducted for the benefit of both the landlord and the tenant. The purpose of this type of inspection is to document the condition of the rental unit prior to occupancy so that both parties can note any needed repairs and existing damage. During a move-in inspection, it's important to take lots of photos for future reference.
The purpose of a move-out inspection is to compare the condition of the rental unit when the tenant is moving out to the condition of the unit when they moved in. It's important for the landlord and tenant to walk through the unit together. This process helps determine whether or not the full security deposit will be returned.
During a drive-by inspection, the landlord will not be entering the property. Because of this, there's no need to provide 24-hour notice. The purpose of this type of inspection is to assess the exterior of the property to determine whether or not it's necessary to schedule a routine inspection.
The Benefits of Inspections
There's no denying that scheduled inspections are a vital part of property management. After all, they help keep tenants honest and reduce the potential for minor damage to escalate into expensive repairs down the line. Inspections also allow you to see when it's time to make upgrades to the property.
The Importance of Rental Property Inspections
Keeping your investment profitable can be challenging. The key is making sure your overhead remains as low as possible. That's why regular rental property inspections are such a vital part of being a landlord.
Please contact us today to learn how we can help make the experience of being a rental property owner in Northern Virginia as stress-free as possible.
