When going after your next investment property, it’s imperative to know as much as possible going into the transaction. The last thing any rental property owner needs is to identify undesirable or financially excessive surprises after the deal is executed. One of the best ways to catch any potential red flags that could denote future concerns with the property is to thoroughly check some specific things during the viewing. Here are the top 7 things you should, at all times, check out in preparation for obtaining an Auburn rental property.
- The age and condition of the property. This incorporates both basic details about the property’s past also the structure of the property and its condition inside and out. Discover signs of water damage, mold, cracks, or other structural problems that could be financially excessive to repair thereafter. Have a professional inspection carried out to make it a point no underlying issues could come about to haunt you.
- The rental history of the property. If the property has been utilized as a rental in the past, ask about previous tenants and check rental records, preferably, to get a comprehensive view of how well-maintained the property has been. This can impart essential insight into potential problems with the property.
- The rental rates for similar properties in the area. Look over rental rates for other properties in the same neighborhood to determine if the rental rate is competitive and in step with market rates. If not, this could be a gauge that the rental property owner is trying to get more for the rental than it’s worth.
- The shape and size of each room. Look thoughtfully at the dimensions and layout of each room in the rental property. This can help you see whether there may be any problems with poor flow or inadequate storage space, which could critically impact your rental rates and tenant satisfaction over a while.
- Attributes that may need updating within the next five years. Bestow careful attention after any aspects of the rental property that may require updating someday, particularly the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can help you plan for huge renovations and maintenance costs down the line.
- Any conceivable safety concerns. Constantly check for smoke and CO detectors, poor lighting, wiring issues, leaking pipes or faucets, and wobbly toilets, all of which can be significant safety hazards for future renters. Also don’t forget to check railings, door and window locks, and other plausible safety challenges. Know that it will be your responsibility as an Auburn property manager to make any essential upgrades to be certain your renters have a safe place to rest.
- The neighborhood and surrounding area. Have a good look around the rental property to get an excellent picture of what living in that neighborhood would be like. Are there nearby schools or parks? Is there convenient access to shopping? Take into consideration how these attributes may impact rental rates and tenant satisfaction after a while. Having said that, be certain to ask the property owner as regards any possible noise issues or other challenges that may impact your rental property.
With reliable information and an extensive inspection, you can be confident that your rental investment is smart.
One of the manageable methods to bring together information referring to a potential rental property is to ask the experts at Real Property Management Excelled. We collaborate with investors like you to have to locate, research, and manage superb rental properties in Auburn and the surrounding areas. Contact us today to learn more about our top-grade services!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
