Are you a landlord in Orlando, FL? You've certainly made a smart choice by buying an investment property. Orlando has seen a population growth of close to 6% since the beginning of the decade.
However, this great opportunity also brings an even greater challenge. How do you ensure that you secure long-term tenants for your rental property? With so many options available, why would tenants choose your place?
One method is to ensure that you always maintain your property. You can do this via frequent rental property inspections.
Here's how they work:
What Rental Property Inspections Entail
A rental property inspection involves assessing whether your property is fit to live in. A property has to be considered fit for human habitation, and this can only be achieved through regular maintenance.
With rental property inspections, you'll check if there are any potential hazards. A safety inspection will check for asbestos, mold, faulty appliances, loose wires, etc., on the property. This ensures that your tenant won't get injured during their daily life in your home.
How Often to Conduct Rental Property Inspections
You should conduct regular inspections during vacant periods. Let's assume you have a six-month vacancy period.
You can consider two inspections during this period. The first can be at the three-month mark, and the second can be conducted within a month of your tenant moving in.
Your tenant would appreciate a move-in inspection. This also lets you keep a record of the property's condition before they move in. If they later accuse you of not attending to any issues within the property, you can show photo evidence from the move-in inspection to prove otherwise.
There should also be one move-out inspection. This can be conducted within a month before the tenant plans to leave.
You can also conduct rental property inspections while your tenant is staying within the property. However, this comes with a few caveats.
You must first consider tenant privacy rights. If you have too many inspections, your tenant might feel that this is intrusive. They have the right to sue you in such a scenario.
Your lease agreement should stipulate that you have the right to conduct rental property inspections. The agreement should mention how many you'd like to conduct during the tenant's stay. Make sure to discuss this with your tenant in advance.
As long as your tenant looks after the property, you won't need to conduct too many inspections. A quarterly inspection during a one-year agreement should suffice. You can always hire a property manager to arrange these inspections for you.
Look After Your Property
You now understand the importance of rental property inspections for your Orlando home. Focus on maintenance so you don't have to conduct too many of them!
Your best option is to hire a property management company. They can arrange your rental property inspections for you.
Right House Realty is a young company, though we have a great team of real estate experts behind us. We'd love to help you build a successful rental business.
Contact us to learn more!
