Why Property Inspections Are Important for Both the Landlord and the Tenant
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Why Property Inspections Are Important for Both the Landlord and the Tenant
Most investors and property owners complete a move-in inspection prior to a tenant taking occupancy and a move-out inspection prior to returning a security deposit. Property inspections are an integral part of the property management process, and a detailed inspection report is an incredibly useful tool. For varied reasons, these inspections benefit both landlords and the tenants.
Property Inspections for Landlords
- Clearly defines issues.
A proper inspection report should be highly focused on the details. Each item should accurately define the issue, including the location of the problem, and incorporate additional details such as size or repair requirements. For easier repairs, such as drywall or paint, you can also include costs so tenants know the amount of money that will be deducted from their security deposit.
- Removes any finger-pointing.
A detailed inspection report, especially one completed by a third party, removes any ambiguity or bias from the situation.
Requiring both the tenant and the landlord to sign off on the completed inspection documents ensures there is a mutual agreement, and the document can be referred to at any time in the future as needed.
- Creates a "to-do" list.
An added bonus for landlords is that detailed property inspections provide an accurate "to-do" list for your property. Once your tenant has moved out, the move-out inspection form can be utilised as a checklist of repairs or maintenance to be completed before the next tenant can take occupation.
Property Inspections for Tenants
- Sets expectations.
Whilst some unruly tenants may not appreciate thorough property inspections; the majority of tenants do. An inspection report that has been agreed upon by both parties ensures a clear understanding and accurately places responsibility. Tenants will be aware of the condition of the property before they move in and know they will be held accountable for upholding that condition.
- Inspects existing conditions.
Sometimes rental properties have minor damage that will not be repaired before a new tenant moves in, such as a cracked tile or chipped stair tread. A detailed move-in inspection report will accurately include these existing conditions. This ensures the tenant will not have to pay for the damage they did not do upon moving out.
While most landlords use property inspections as a part of their property management procedures, not all use them efficiently. Using specific technology, property inspections can be a completely digital tool. Digital inspection reports increase the level of detail and the efficiency in communicating the report between parties.
To learn more about the advantages of move-in and move-out inspections or to add a digital inspection tool to your toolkit, contact De Lucia Group. From finding your next investment property to refining your property management strategy, we have you covered - give us a call today! Michael De Lucia - 082 493 1089
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Author: De Lucia Group
