As a tenant, the dreaded property inspection is something to be stressed about, but the true purpose for a landlord is the long term, not as a 'gotcha'. Quarterly inspections are something that are offered by House Estate Agents, and a critical part of property management. Here are a few reasons why.
Get onto repairs early
Most major issues with a property aren't created in an instant, they are created due to long term neglect, and regular inspections can help nip such issues in the bud. For example, a leaking tap might be indicative of just a tap that needs replacing, or a more insidious plumbing issue. Even if it is just a leaking tap, the water bill that will result from that 24/7 leaking is going to be significant, so getting it sorted ASAP will be advantageous. On this basis, having regular inspections means that you can get on top of minor issues, before they become major.
The same property
A lot of day-to-day maintenance is the responsibility of the tenant, and making sure that they are upholding that general standard every three months is valuable. The tenant might be maintaining the property to a certain standard in good faith, but they should be doing something more than what they are doing. For this reason, ensuring that you keep a close eye on the property, through your property manager, can assist with getting the same property back at the end of a lease agreement, as at the beginning.
Future rental prospects
As rare as it is, if a tenant does, either accidentally or otherwise, cause serious damage to the property, or such damage occurs over time, it is much more unlikely that you'll be able to get another tenant when your current one leaves. This is a common instance, where for example if there is a serious crack in the wall caused by poor soil or a plumbing fault, that prospective tenants will shy away from taking up a lease agreement for fear of there being more serious issues. The thinking being, if the owner allows the property to look that way on the surface, what lies beneath the surface? So, keeping a constant watch over the property and its quality level will let you ensure the long term profitability of the property.
Whilst inspections are tough for tenants, they are essential for both their safety in that issues can be identified and rectified early, as well as securing your investment over the course of many years to come. If you have questions about inspections, property management or House Estate Agent's inspection methods, give us a call today.