Whether you constructed or bought the property you own, you understand how huge an investment it is. This is why you will spare no effort to ensure that your property is in good condition at all times. With regular property inspections throughout the year, you will not only ascertain the structural integrity of the building but will also have a chance to correct any defects in a timely manner so as to protect your asset. Even though you may have property managers, here are some other benefits of property inspections.
1. Documentation of Property Condition
Annual property inspections will give you a great opportunity to document lease violations at your property or unreported damage. By hiring a qualified professional to do the job, we will not only check for tenant damages but we will also assess the overall condition of the property.
2. Check & Improve Owner Liability
When you own property, regular inspections will help you be sure that your investment is safe and in good condition. Once you have had a professional property inspection done, you will easily establish whether appliances, such as smoke detectors & CO2 detectors, are in perfect working condition. As a property owner, you will have fulfilled your responsibility of a well maintained environment for all occupants of the building.
3. Avoid Deferred Maintenance
While your property management company may inform you of areas that need repairs and maintenance, there is a good chance that some specific areas will be overlooked. By addressing any structural issues in good time, you will not only avoid deferred maintenance and repairs but will also save a significant amount of money.
4. Validate Insurance Policies
In some cases, landlord insurance may demand that annual property inspections be carried out on your property. If you fail to do the inspections within the stipulated timeframe, you may risk losing coverage or getting the policy invalidated. This is why you should arrange for property inspections to comply with the requirements of your insurance policy.
5. Increase Tenant Retention
When you make sure that the structural integrity of your building is maintained, you will ensure that your tenants feel cared for. When they feel safe, this may help you to retain them, building a relationship for a considerable period of time. In the long run, you may enjoy higher and consistent return on your rental property.
Hiring a local Raleigh property management company like Barker Realty will also help to add value to your property. It is advisable to take time before settling on the property managers that will meet your needs. Contact us today to learn how we can help you enjoy the peace of mind that comes with property ownership.
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