There's no denying the risks that go hand-in-hand with owning property and being a landlord. While you can reap great rewards from this type of venture, it's up to you to mitigate the risks as much as possible.
If not, there's a chance of missing maintenance opportunities and facing expensive repair jobs later on down the line. You also risk voiding your insurance, and might even face fines if rental property inspections are not a top priority.
If you're new to the venture of managing property, here's how often to prioritize inspections and why they're important.
Suggested Inspection Timeframes
If you're the owner of a property you'd like to keep in top condition, maintaining positive tenant relations is paramount. This is where regular property inspections come in.
The recommended timeframe for landlords is to conduct inspections every three to six months. This timeframe depends on several factors. Some of them include your proximity to the property, the relationship you have with your tenants, and the size of the property.
However, it's in your best interest as a landlord to perform inspections more often, than not. Bear in mind that the maximum frequency for inspections is typically once every four weeks.
Always make sure you give your tenants at least 48 hours' notice before a planned inspection. Let's take a closer look at why inspections are so important for good property management:
Keep Your Insurance Cover In-Check
There is a chance you could risk the integrity of your home insurance coverage if you fail to conduct regular inspections. Most insurance companies expect that you inspect your property every three to six months to maintain your coverage.
Regular inspections are particularly important so that you have evidence of intentional damage. This makes a difference if you ever wish to make a claim. To keep your insurance in check, make sure you thoroughly document every single inspection.
Avoid Unwanted Fines
Without regular and thorough inspections, the quality of your property could begin to slip below legal home standards. Even if your property met all Healthy Home Standards in the past, it's important to keep on top of maintenance to ensure your home remains compliant and up to standard.
Without a Healthy Homes Standard rating, you could face serious financial penalties from the Tenancy Tribunal.
Keep an Eye on Health and Safety Hazards
Regular, routine inspections are a good way for you to stay on top of the health and safety of your property. In short, these inspections give you a chance to catch any significant maintenance issues that could otherwise lead to dangerous situations if left unchecked. It could also save you thousands of dollars in unwanted repairs, down the line.
Some of these might include mold growth, unwanted leaks, foundation or roof repairs, and more.
Nip Tenancy Issues in the Bud
If you fail to visit your property often, you could miss major tenancy issues. This could ultimately lead to the damage of your property, or a very tense tenancy relationship, at the very least.
With regular inspections, you have a chance to pick up when your tenants are abusing the tenancy agreement. From there, you can make necessary changes if needed.
Need Help with Rental Property Inspections?
If you're an inexperienced landlord, PMI Property Management is your one-stop shop for all things property management. Whether you need assistance with rental property inspections, rent collection, tenant screening, or placement, we are your go-to in the Nashville region.
Want to learn more about how we can make your experience as a landlord a whole lot simpler? Explore here for more.
