When looking for your next investment property, you should know as much as possible before making a transaction. The last thing any rental property owner wants is to find out something bad or expensive surprises after the deal is executed. One of the most effective ways to catch any potential red flags that could indicate future issues with the property is to thoroughly check certain things during the viewing. Here are the top 7 things you should always inspect before getting a Greenfield rental property.
- The age and condition of the property. This involves both basic details about the property’s past as well as the structure of the property and its condition inside and out. Know the signs of water damage, mold, cracks, or other structural problems that could cost a lot to repair in the long run. Have a professional inspection completed to make sure there are no underlying issues that could come back to sabotage you.
- The rental history of the property. If the property has been used as a rental previously, ask about previous tenants and check rental records, if feasible, to get an idea of how well-maintained the property has been. This can give you a lot of insight into possible complications with the property.
- The rental rates for similar properties in the area. Check the rental rates for other properties in the same area to see if the rental rate is competitive and follows market rates. If not, this could mean that the rental property owner is trying to get more for the rental than it’s worth.
- The shape and size of each room. Take a good look at the dimensions and layout of each room in the rental property. This can help you figure out if there are any troubles with the poor flow or inadequate storage space, which could negatively impact your rental rates and tenant satisfaction over time.
- Elements that may need updating within the next five years. Give special attention to any elements of the rental property that may need updating shortly, such as the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can help you plan for larger renovations and maintenance costs down the road.
- Any possible 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 critical safety hazards for future renters. Additionally, check railings, door and window locks, and other possible safety risks. Take into account that your responsibility as a Greenfield property manager will be to undertake any necessary upgrades to make sure your renters have a safe environment to live in.
- The neighborhood and surrounding area. Search around the rental property to determine what living in that neighborhood would be like. Are there schools or parks nearby? Is there convenient access to shopping? Think about these things that might affect rental rates and tenant satisfaction over time. Also, don’t forget to ask the property owner about any potential noise issues or other issues that could affect your rental property.
With the right information and a detailed inspection, you can be self-assured that your rental investment is a good one.
One of the easiest ways to gather information about a potential rental property is to ask the experts at Real Property Management Bay State West. We work with investors like you to help locate, research, and manage quality rental properties in Greenfield and the surrounding areas. Contact us today to learn more about our great services!
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