28 Mar Inspecting investment properties for damage
Investment income properties, such as rental houses, can provide a great opportunity to increase your income. However, you must be sure to thoroughly investigate any properties you’re considering buying. This is important for several reasons, including your ability to get the best possible rental price from your tenants. Inspections should be conducted to rule out any electrical or plumbing issues, pest infestations, mold, or structural damage.
You would have a hard time renting a home with a malfunction in the plumbing or electrical systems, so make sure these important systems are working properly. And be aware that
plumbing and electrical problems are common in older properties.
A pest inspection will reveal any infestations. Termite infestations can destroy a home and can often be difficult to detect. You should not rely on your own physical inspection to determine pest problems. Make sure a professional pest control company completes this inspection.
Mold also is difficult to detect and may not be visible in a brief physical inspection. Mold can endanger the health of your tenants, so you want to discover any of these problems before a tenant moves in. An inspection will reveal the extent of the damage and help you discover how much the repairs may cost.
Of course, any structural issues must be addressed before a tenant moves in. This would include any weaknesses that would compromise the integrity of the foundation. This is one of the most important inspections to have completed before you consider renting out an investment property.
One way to limit your expenses and minimize costly repairs is to seek the assistance of a qualified property management service when deciding on the purchase of an investment property. An investment property professional can help you find the best rental properties that need the least amount of repairs.
If you have an investment income property on the market, or are looking to buy one, let us help prepare your closing documents. We provide efficient, professional legal services at a reasonable cost. http://www.barsh-cohen.com/