The cost of owning a rental property is often far more than mortgages and property taxes. For example, homeowners can easily spend $6000 a year on maintenance alone, according to a CNBC report.
The situation is more complicated when you are renting out your property and you can't always be there to stop damage from happening. Rental property inspections are the only way to know what state your property is in. But how often should you conduct them?
Unfortunately, the answer isn't just a simple number. Read on as we discuss the ideal frequency of a landlord inspection in Columbus, Ohio, and more tips.
How Often Should You Conduct Rental Property Inspections?
There's no hard rule here, but there is a good rule of thumb. Ideally, you should drop by to do rental property inspections twice per lease. In other words, approximately once every six months.
Of course, there's nothing stopping you from going more often if you want to keep the place in good shape to maximize returns. You can inspect the property once a month if you like, although this is not advisable because the tenant won't be so happy. Here are some reasons you may wish to do inspections more frequently:
- The tenant isn't very clean
- The neighbors witness problematic behavior
- The tenant background check raises red flags
Not all reasons are just because of a bad tenant. A leaky pipe can quickly turn into thousands of dollars of water damage. Being that the case, you'd probably want to visit more often.
Tenant Inspection Process
So now that you've determined how often to go, how do you go about the process? First, get written consent from the tenant to come and conduct an inspection. The inspection should only happen at a reasonable hour with plenty of advance warning.
Be aware, a tenant can deny you entry and refuse an inspection. Even though it is your property, you do not have a right to enter as you please. This isn't like a tenant refusing to pay rent where you have immediate recourse for eviction.
Be respectful of the tenant's living space during inspections. Only examine the property, not their belongings or personal items. Be open with them about what you're looking at and why.
Property Inspection Checklist
There are all types of rental inspections, from checks on wear and tear to structural damage. Whatever your reason, here are a few things to look for:
- Broken gypsum walls
- Termite infestations
- Pests and rat droppings
- Broken doors and fixtures
Regardless of the actual reason you're there, don't hesitate to be on the lookout for general issues. You are going to save a lot of money and time if you catch something early. The biggest issues usually start small and get progressively worse over time.
Find Property Management with PMI
Rental property inspections are a must to protect your investment. It's a good idea to conduct one once every six months, but do be sure to get written consent and permission to enter. While checking, look for little things (like termites) that can get progressively worse.
PMI MVP in Columbus, Ohio, helps you manage properties like no other. Our advantage is our professional service that's always prompt and friendly. Check to see how much you could be earning with our free rental analysis tool.
