In order to be profitable, the loan payment and regular maintenance should be less than you’re bringing in through rent. This won’t be the case if you skipped an inspection as it’s likely that there are elements of the home that will require attention that you may not have been able to identify on your own. By getting an inspection you’ll be able to develop a general idea for the condition of the different elements of the home and plan for their replacement or repair in the future.
An inspection will also help you discern which elements of the home you should improve prior to listing it. While some landlords may want to get the best deal possible and list the property as available for rent regardless of the condition of the home, the type of tenant who is likely to be okay with a decrepit house is not likely to take very good care of it. By taking steps to improve the quality of the home, you’ll get a much better return on your investment and ensure that your property is well maintained.
One of the biggest challenges of owning a rental property is ensuring that it is kept well maintained. By having a thorough home inspection completed prior to purchasing you will establish a starting point (complete with photographic evidence) for the home’s status. If you’re present when the inspection is completed, and you really should be, you’ll also get an idea of what to look for when performing your own periodic inspections of the rental property.
By completing an inspection prior to purchasing and renting out a property, you can also reduce your liability by ensuring that the property is safe for future residents. Your inspector will ensure that everything from working smoke detectors to the presence of mold is identified and addressed. The inspection report and accompanying photos provide proof that the home is safe to inhabit and will help you avoid any issues with tenants who later claim otherwise.
Having your potential rental property inspected prior to purchasing is just as important as performing regular inspections when it’s actually rented out. At Super Inspection Pros we perform a variety of inspections that could benefit your rental property experience. Contact us with questions or to schedule an inspection.