The Importance of a Yearly Inspection

Typically, no one enjoys the thought of an inspection, especially the tenants. Understandably so, it’s not very fun to invite your landlord over to scope out your precious comfort zone. Even though it is not the most desirable thing in the world to go through, it is very important for a property owner to do these inspections yearly.

The main reason for a yearly inspection is to be proactive in locating any maintenance issues that can arise throughout the year that maybe the tenant has missed or just failed to report. If you can catch these issues early, such as a leak or a foundation shift then you have a better chance at being able to effectively correct the issues without having it turn into an emergency. While you’re inspecting the unit, this is a good time to change furnace filters, and water filters and even take notes from tenants if they have any issues that need to be addressed. Checking the smoke and C02 alarms and ensuring that they have good batteries is a good thing to add to your list, as well.

Having yearly inspections is also great to prove to your tenants that you do care about the integrity of the building that they rent from you. Ensuring that everything is in working condition for the tenants will make them feel at ease and know that their building is being well taken care of, as well as the tenant’s needs.

On the flip side, performing this inspection also provides the property owners with the opportunity to inspect to be sure that the tenant is holding up to their end of the lease agreement. It will allow the property owners to ensure the unit is in good standing condition and not allow trash to pile up, which could bring in pests and cause very unpleasant odors and costly exterminator bills. If the tenant has been smoking in a smoke-free unit, it will likely be apparent in the smell as you are doing your inspection, as well.

During these yearly inspections, thorough documentation of the state of the property should be kept. Including pictures of any damage and items that look like they may need attention. You should take photos even if there isn’t any damage so that you have an accurate depiction of what the unit looks like in its current condition. After the inspection, you can then compare it to the condition of the last inspection and see if any items need to be flagged as missing or altered without authorization. This documentation will be tremendously helpful when the tenant goes to move out.

Even though inspections can be a pain, as a property owner, it is in your best interest to protect your investment and your back and be sure to perform these inspections. Many insurance companies may even require a yearly inspection to ensure that the property is in good condition before they insure it. Depending on your location, you may be required by law by the housing authority to perform these inspections.

Your yearly budgeting will also be improved by following through with the inspections. If you have a first-hand account of what state the property is in, then you have the best idea of what areas may need extra attention in the coming years. This will allow you to make room in your budget for the repairs and there will be less of a chance of a surprising emergency.

Overall, it will always be in your best interest to perform these yearly inspections for your property. Not only will it protect your property and the investments that you have put into it, but it will also give you a better piece of mind to have less to worry about in the future. There are many tools out there to gather checklists on what to look for when you are performing your inspections, but you know your property best, and once you do one round of inspections, you will be a pro at the next!