Property inspections are a regular aspect of the real estate landscape, whether you rent, own, or are seeking to invest in real estate. Property inspections are performed on residential and commercial properties and can influence the value of property investment. Therefore, they must be understood. Continue reading to discover more about the many types of property inspections, the reasons they serve, and how to prepare for them.
1. Move-in Inspection
A move-in inspection is most often performed before, not after, a renter moves into a home. Not needing to coordinate with movers and unpacking makes an inspection simpler. That is done to document the property’s condition before taking ownership. Move-in inspections aren’t required by all landlords or property managers, but they safeguard both parties.
Scheduling a move-in inspection is an excellent way to safeguard the property. As a rental owner, whether you are doing repairs or improvements to the property while it is unoccupied, obtaining an inspection before a tenant comes in is a good idea. It will provide you with an inspection report to refer to if any damage occurs during their lease.
Move-in inspection prevents you from being penalized for any damages that occurred outside of your lease period. It also protects you from being charged for regular wear and tear since your inspector will always have a record to refer to. It is also recommended that you walk over your rental as soon as you receive keys and make notes of any defects you see, save a copy for yourself, and provide a copy to your landlord or property management.
2. Move-out Inspection
When a renter vacates a property, a move-out inspection is performed. In some states, this is the only inspection needed by law.
That is the moment when the inspector will assess any property damage. It may be done using photos, clips, or just notes at times. You don’t need to attend a move-out inspection, although it is highly advised to do so. In that manner, you’ll be able to see precisely what photos and videos are being shot of the property and determine how much of the security deposit you’ll need to retain for repairs, if any.
3. Seasonal and Routine Inspection
While the renter is occupying the property, many landlords will check it at least once a year. Some may check twice or four times a year, based on tenant turnover, unit age, maintenance history, or any number of other factors.
That is an excellent opportunity for landlords to receive an update on how their tenants handle the property and inspect critical house systems such as HVAC, plumbing, and electrical. Routine inspections will assist a landlord in identifying maintenance concerns or possible problems while you are living in the house. They can get a head start on the repairs and prevent them from growing worse.
Other Types of Inspections
A landlord may do other kinds of inspections including drive-by inspections, pre-move-out inspections, and pre-lease-renewal inspections. These are relatively self-explanatory so that you won’t go into too much depth about them, but they are essential to understand. Drive-by inspections will only look at the condition of the yard and the outside of the property.
Pre-move-out inspections are intended to assist tenants in preparing for the final move-out, allowing them time to address repairs before their lease expires. The pre-lease-renewal inspections will assist the landlord in determining whether or not to authorize the tenant’s lease renewal depending on the property’s condition.
Final Thoughts
It is critical to understand the various kinds of inspections that you may face as a tenant or a landlord. Knowing these things will make your rental experience less stressful. Finding a good property manager who understands when and how to conduct inspections can make you and your renters happy while also prolonging the life of your property.
At Orlando REO Professionals, we provide listed rental properties to suit your needs. As one of the best rental companies in Lakeland, we provide aid whether you’re looking for the best place for your family to live or putting an investment property on the market. Contact us to learn more!