The Importance of Property Inspections in Residential Rental Property Investment

One of the cornerstones of being a successful property investor is being able to keep a firm finger on what is happening with your assets. In the case of Residential Property Investors, this means regular inspections over your property. Regular inspections are a stipulation by many insurance companies and failure to do so can result in not having your claims paid if they arise. It is recommended that you scour the fine print of your insurance policy just to see what they expect of you.

In this day and age it is unfortunate that as landlords we need to maintain a vigilant watch over our investments for illegal activities, such as drug production. Homes that are unfortunate enough to be used for these activities can have both insurance claims declined and also have the home rendered uninhabitable from chemicals that may have been used. What you are then left with is a home that is unable to be lived in without significant expenditure and unable to be sold without reducing the price substantially.

For the sake of a couple of hours every 3-6 months, a possible nightmare of a situation can be avoided. If you have your property listed with a Property Management Company, then be very clear with them about your expectations in terms of inspections and feedback. These people and companies are providing a service of which you pay for, if there are aspects that you would like them to improve on, and then let them know. If they are not willing, I am sure that there will be another company down the road that will. Remember it is your investment, so there probably is not anyone else that is going to care about it more than you. Whether you do it yourself or have a third-part stake, take care of it. Regular property inspections are an an absolute must.