It is critical to know as much as possible before making a transaction when hunting for your next investment property. The last thing any rental property owner needs is to find unwanted or costly surprises after the deal is executed. One of the most effective ways to catch any potential red flags that could show future issues with the property is to thoroughly check specific things during the viewing. Here are the top 7 things you should constantly check before purchasing a Harmony rental property.
- The age and condition of the property. This incorporates both basic details about the property’s past as well as the structure of the property and its condition inside and out. Search for indications of water damage, mold, cracks, or other structural issues that could be exorbitant to repair eventually. Have a professional inspection completed to guarantee no underlying issues could return to cause major problems for you.
- The rental history of the property. If the property has been utilized as a rental before, get some information about previous tenants and check rental records, if available, to get a picture of how well-maintained the property has been. This can give you important insight into potential concerns with the property.
- The rental rates for similar properties in the area. Check out rental rates for other properties in a similar area to determine if the rental rate is competitive and in proportion to market rates. If not, this could be an indication that the rental property owner is trying to get more for the rental than it’s worth.
- The shape and size of each room. Check out carefully the dimensions and layout of each room in the rental property. This can help you evaluate whether there might be any troubles with the poor flow or inadequate storage space, which could adversely influence your rental rates and tenant satisfaction over the long run.
- Things that might require updating within the next five years. Concentrate on any elements of the rental property that might require updating eventually, like the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can assist you in making arrangements for bigger renovations and maintenance costs soon.
- Any potential safety concerns. Always check for smoke and CO detectors, poor lighting, wiring issues, leaking pipes or faucets, and wobbly toilets, all of which can be serious safety hazards for future renters. Also, check railings, door and window locks, and other possible safety issues. Keep in mind that it will be your responsibility as a Harmony property manager to make any necessary upgrades to ensure your renters have a safe place to live.
- The neighborhood and surrounding area. Look closely around the rental property to find out what living in that neighborhood would be like. Are there adjacent schools or parks? Is there convenient access to shopping? Consider what these elements mean for rental rates and tenant satisfaction over time. Furthermore, make certain to ask the property owner about any potential noise issues or other troubles that might affect your rental property.
With the right information and a cautious inspection, you can be sure that your rental investment is safe.
One of the simplest approaches to gathering information about a potential rental property is to ask the experts at Real Property Management Trusted Hands. We engage with investors like you to help locate, research, and manage quality rental properties in Harmony and the surrounding areas. Contact us today to learn more about our incredible services!
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