Property inspections-How they can help your investments
Property inspections can be critical to insuring the value of any property. As a landlord you’re going to have enough on your hands to deal with without having to worry about any unforeseen damages that could happen to your investment. In this article the property managers at ACCL Property management will go over some of the best practices property inspections.
Why conduct a property inspection?
Property inspections help you notice the conditions, damages, and normal wear and tear of plumbing, electrical, roofing, and construction categories. Inspections can also help you plan for major repairs such as roofs, HVAC systems, basement renovations, waterproofing, ect.
Who can conduct a property inspection?
Depending on how the property is managed, property inspections can be done by the property manager, owner, or landlord. In some cases some property management companies and landlords use third-party property inspectors. The best person to conduct a property inspection is one who have proven credentials or construction and maintenance backgrounds as well as have a solid understanding of building/home systems.
When should inspections be performed?
An inspection is performed as due diligence before a landlord buys an investment property and whenever a property management company acquires a new property. Listed below are the two different types of inspections property managers and landlords preform before and after a tenant moves in:
Move-in Inspections: When a tenant moves into a property an inspector walks the tenant through the property while taking note of the conditions the house/unit is in as well as previous damages. After the inspection is complete both the inspector and tenant sign and keep copies of the checklist most companies/landlords will take pictures as well. This will avoid any disagreements concerning the return of any security deposit.
Move-out Inspections: Similar to move-in inspections, the inspector goes through the unit and uses the same checklist from before to evaluate and compare the condition of the property since its last inspection.
Inspections may not be mandatory, but it is a good idea to have one done to avoid any obstructions later on and to help you plan for costly repairs!
Need a peace of mind?
Get the right advice and professional help from the ACCL Property Management team today.
Durham Region Tel: 1(905) 579-6688
York Region Tel: 1(416) 619-5203
Peel Region Tel: 1(416) 619-9214
Toll free: 1(844) 651-2225
Fax: 1(905) 579-6688
When you choose ACCL Property Management , you have the peace of mind, knowing that you have a trusted name in property management.