Many of us aspire to retire early one day and spend the rest of our lives pursuing our passions. This could be traveling, refining artistic skills, or spending time with family.
Regardless of how you'd spend your time, you'll likely need to establish passive income to bring this vision to life. Owning a rental property is one of the best ways to do so, However, organizing a rental inspection is crucial for protecting your property.
This will provide insight into key issues that need your attention. Let's explore the most common red flags you should keep an eye out for during rental property inspections.
1. Concealed Pets
If your lease disallows pets at your property, your inspector should look for signs that animals live there. For instance, you might notice traces of cat litter or scratches on door frames. This could indicate that the residents own a cat and are concealing it during the inspection.
2. Damaged Property
One of the most notable instances to consider when moving forward is damaged property. Your inspection should look for signs of damage that was caused by the tenant. Holes in the wall, broken doors, etc. wouldn't have occurred on their own.
You can then determine the necessary course of action. In some scenarios, you might need to speak with a lawyer if the tenant refuses to pay for the major damage they caused. This typically only occurs if their deposit won't cover the repairs.
3. Illegal Subletting
It's important to establish that subletting can only occur under certain circumstances. In many cases, landlords prohibit it. If there are signs that people are illegally living on your property, it's essential to take action as soon as possible.
A common risk in this scenario is the presence of illegal tenants who haven't been properly vetted. To clarify, imagine a convicted felon was living at a property you own across the street from a middle school without your knowledge.
They could pose a threat to the local community. Keep this information in mind when moving forward so you can make the best choice for your needs.
Getting Started With Rental Property Inspections
It's imperative to find a reputable professional before moving forward. This is the only way to ensure you get the insight you need. When searching for one, ensure they have a strong reputation.
A quick Google search can often tell you everything you need to know about what they're capable of. With enough vigilance, you shouldn't have an issue finding the right candidate for your needs.
Schedule an Annual Inspection
Without the right rental property inspections, you risk many complications arising. The information in this guide will help ensure you know the key red flags to look out for.
PMI Birmingham Region is a full-service community management company that aims to make our clients' lives as easy as possible. We've proudly served the industry for over 20 years and constantly look for ways to provide better results. You'll learn more about how we can help when you get in touch with us today.
