Owning a property of any kind isn't cheap. Even setting aside taxes and mortgages, the average homeowner may spend about $6,000 for repair and maintenance.
Naturally, this means that the longer you leave things broken, the more they cost to fix. It's in every landlord's best interest to go through an inspection checklist on a regular basis. How often should you, as a landlord, drop by to do your rental property inspections?
Let's take a quick look at things to keep in mind for inspections in Knoxville, TN.
Why Conduct Rental Property Inspections?
There's a long list of reasons why it's in your best interest to keep a consistent inspection schedule. First, early signs of damage - even if they aren't the fault of the tenant - presage major repairs. You want to fix them earlier rather than later to keep the property in good condition.
Second, you want to get on top of violations of the lease agreement. The sooner you're aware a tenant is breaking the lease, the sooner you can keep their security deposit. Then, you give yourself time for repairs and remediation.
In some rare cases, inspections might stop a tenant that was unintentionally damaging the property. For example, a tenant that flushes things down the toilet that they shouldn't.
How Often Should You Do Rental Property Inspections?
Generally speaking, it's good to conduct property inspections once every six months at a minimum. That means approximately twice per lease. It strikes a nice balance; you avoid intruding on your tenant, without letting your property fall to pieces.
Of course, how often you conduct those inspections will depend on the individual circumstances. Certain tenants that don't seem as clean or considerate may require more intensive lease enforcement. Your easy tenants, on the other hand, can go longer between their regular inspections - so, it depends.
Know the Law Concerning Inspections
You can't conduct inspections whenever you want on a walk-in basis. By law, you have to tell your tenant when you intend to come, and they have to agree to it. Even though the property belongs to you, the tenant has a right to privacy.
So, double and triple check with your tenant before all upcoming inspections. Give them a call or send them a text a day before and when you are on the way. Frequent and open communication is the best way to avoid painful misunderstandings.
Some landlords are worried that the advanced notice gives tenants a chance to hide things. Rest assured, the signs of damage you should be most concerned about will be next to impossible to cover up.
Find Property Management in Knoxville
Rental property inspections are vital to keeping tabs on the integrity and well-being of your property. It's a good idea to conduct them at least once every six months, occasionally more often, circumstances permitting. Just make sure you do so in accordance with the law, which means letting the tenant know in advance.
PMI Knoxville is your go-to property manager if you want state-of-the-art property management tech. We provide unparalleled customer service and have 20+ years of experience under our belts. Start your path towards the best property management there is with a free rental analysis.
