As a rental property owner, you should set aside at least 1% of your property's purchase price for yearly repairs and maintenance. So, if you bought it for $250,000, you should put away at least $2,500 a year.
However, that amount can still be insufficient if your Lakeland, FL, property develops severe problems. An example is water and mold damage from a burst pipe caused by a lack of maintenance.
Luckily, many structural problems are preventable with regular rental property inspections.
We've shared the benefits of regularly inspecting your rental properties, so read on.
1. Determine Your Property's Condition
Florida's climate and environmental conditions contribute to building components' early wear and tear. That's especially true for those constantly exposed to the state's sun, heat, saltwater, and wind, such as:
- External structures, like roofs, gutters, and walls
- Heating, air conditioning, and ventilation (HVAC) systems
- Exposed plumbing
By regularly inspecting those structures and components, you can stay updated on their condition. You'll know if they're still okay or have already developed premature degradation.
2. Timely Property Maintenance and Repairs
If you know the condition of your property, you can determine which components need maintenance or repairs. So, you can schedule them for servicing with the appropriate contractor (e.g., plumbing, roofing, or HVAC) immediately. That can help prevent more damage and extensive, costly repairs.
3. Avoid Tenant Complaints
Lakeland tenants can file complaints against their landlords for poor property maintenance that results in health and safety risks.
For example, a tenant discovers a leaking pipe on the property. The leak has been there for a long time and has also encouraged mold growth. In that case, they may file a complaint against their landlord in court.
Since seasonal inspections help uncover property issues, you can address the problems immediately. You can prevent them from worsening and forcing tenants to file complaints against you.
4. Tenant Compliance
Regular property inspections can reveal if your tenants are committing lease violations.
Suppose you have a pet-friendly policy. So, you permitted your tenants to live with their two dogs on your property.
If you don't conduct property inspections, it may be too late until you discover your tenants have more than two pets.
5. Lease Renewals
According to researchers, housing qualities can affect physical and mental well-being. Those who live in safe and habitable environments are healthier and happier.
People are more likely to stay when they are happy and content with where they live. Since inspections allow you to keep your properties in good condition, they can help keep your renters happy. That can then encourage them to stay and renew their lease.
Invest in Regular Rental Property Inspections
Rental property inspections help you fulfill your duties as a landlord, make tenants happy, and ensure they comply with the lease. Those are all good enough reasons to schedule them regularly.
PMI Arrico Realty & Property Management can help with more than just property inspections. From marketing to accounting, tenant screening, rental collection, and property maintenance, we can handle all these and more. We're a proud franchise of PMI, a national company with over $5 billion of real estate assets under its management and over 20 years of experience.
So, speak with us today! We're excited to share how we can help you grow your rental business in Lakeland, FL.
