When inquiring about your next investment property, it’s essential to know as much as possible going into the transaction. The last thing any rental property owner needs is to find unpleasant or uneconomical surprises after the deal is executed. One of the best means to catch any potential red flags that could point out future troubles with the property is to thoroughly check a few particular things during the viewing. Here are the top 7 things you should always inspect before acquiring a Long Island rental property.
- The age and condition of the property. This covers both basic details about the property’s past, the structure of the property, and its condition inside and out. Watch out for signs of water damage, mold, cracks, or other structural challenges that could be uneconomical to repair later. Have a professional inspection performed to be sure no underlying issues could recur to haunt you.
- The rental history of the property. If the property has been utilized as a rental in the past, ask in reference to previous tenants and check rental records, if it is possible, to get an idea of how well-maintained the property has been. This can extend you precious insight into conceivable complications with the property.
- The rental rates for similar properties in the area. Scrutinize rental rates for other properties in the same neighborhood to find if the rental rate is competitive and in keeping with market rates. If not, this could be evidence 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 heedfully at the dimensions and layout of each room in the rental property. This can help you inspect whether there may be any challenges with the poor flow or inadequate storage space, which could badly impact your rental rates and tenant satisfaction eventually.
- Components that may call for updating within the next five years. Give special consideration to any sections of the rental property that may demand updating sooner or later, like the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can help you plan for much bigger renovations and maintenance costs over the course of time.
- Any probable safety concerns. Always remember to 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. Additionally, check railings, door and window locks, and other probable safety concerns. Bear in mind that it will be your responsibility as a Long Island property manager to make any significant upgrades to secure your renters have a safe place to dwell.
- The neighborhood and surrounding area. Look closely around the rental property to get a whole sense 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 components may impact rental rates and tenant satisfaction in the future. Furthermore, secure to ask the property owner regarding any potential noise issues or other undesirable issues that may impact your rental property.
With the correct information and a complete inspection, you can be definitely confident that your rental investment is smart.
One of the most uncomplicated means to get information for a potential rental property is to ask the experts at Real Property Management Unlimited. We pair up with investors like you to successfully help locate, research, and manage ideal rental properties in Long Island and the surrounding areas. Contact us today to learn more about our really excellent services!
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