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Denver real estate is dynamic and competitive, especially when it comes to the rental market. About 50% of the population are renters and the vacancy rate is 5.5%, as of November 2021. If you've been thinking about buying an investment property, now might be the time to do it.
But becoming a landlord is no easy task. You'll have a lot of new responsibilities, including conducting rental property inspections.
Are inspections really necessary? If you want to keep your property in good condition and protect your investment, the answer is yes.
Keep reading to learn more about the importance of rental property inspections.
Types of Inspections
Rental property inspections help ensure that your property stays in good condition. Always give tenants at least 24 hours' notice and let them know the reason for the inspection. You don't want to make your tenants feel like you're checking on them.
Below are the common types of inspections that landlords often conduct throughout the course of a lease.
Move-In
Move-in inspections are done once the tenant signs the lease. This is your chance to document the condition of the rental property before the tenant moves in. Take note of any issues with the property, such as scratched floors or leaky faucets.
Move-Out
Move-out inspections are done after a tenant moves out. Compare the current condition of the property with your notes from the move-in inspection.
It's important to differentiate between normal wear and tear and damage. Things such as nail holes or worn carpet fall under wear and tear. If there is damage to the property, you can withhold some or all of the tenant's security deposit.
Seasonal
Seasonal inspections are for identifying and fixing any maintenance issues. For example, you might conduct a seasonal inspection in late spring to make sure that the air conditioning is working properly. That way you can make any necessary repairs before the summer.
Drive-By
During a drive-by inspection, you don't actually enter the tenant's rental unit, so you don't need to give notice. This will give you a chance to inspect the exterior of the property. It can also help you catch any violations, such as unauthorized roommates or pets.
Benefits of Inspections
You might feel like you don't have time to conduct regular inspections, especially if you own several rental properties. But don't skip this important task. Below are some of the benefits of rental property inspections.
Stay On Top of Maintenace
Regular inspections will help you address maintenance issues before they become a problem. Waiting to fix things could end up costing you more in the long run.
Maintain Safety Standards
All rental properties in Denver must meet certain safety standards. Inspections will help you make sure everything in the property is up to code.
Improve Tenant Turnover
Tenant turnover refers to getting a rental unit ready for the next tenant. Conducting regular inspections will help you identify any issues that need to be addressed. This will help you get the property ready quickly and avoid losing revenue.
Get Help with Rental Property Inspections
Conducting rental property inspections helps keep your property in good condition. It might seem inconvenient, but regular inspections will help protect your investment in the long run.
If you need help with inspections, consider hiring a property management company. With a dedicated property manager, you won't have to worry about a thing.
Ready to move forward? Contact us today to let us know how we can help.
