As an investment property owner, one
of the biggest things affecting your profitability and cash flow is the expense
and repair costs on the property you are renting. Everything does wear out
eventually, and things need to be replaced. However, what you want to avoid
most of all is damage caused by the tenant. The best way to avoid this type of
property damage is to adopt the philosophy that people will not do what you
expect, they will do what you inspect, that means having feet on the ground and
being present to do a property inspection occasionally. One of the biggest
mistakes property owners and managers make is to turn over the keys to a renter
and then never show up again until the tenant moves out a year or two later.
The mistake is not checking the property report Brisbane periodically.
Doing these regular inspections is
critical for several reasons: If they know you are checking the place, your
tenants will take better care of it. Your renters do not want you to find out
they are not good housekeepers. When they know you will be checking up on the
place, they will make sure it is in good condition. Inspections provide
documented evidence. Prior to move in, it is important to get a documented look
at the condition for the property report. This will save a lot of hassles at
the end of the lease if there are disagreements over what was already broken,
what was there and what wasn’t there, etc. You can look for unreported
maintenance for a property report. When you do periodic inspections, you can
look for those things that might become worse and cause more damage and
expenses down the road. For example, leaks in the sink, cracks in the shower
grout or tile and other water problems can lead to bigger problems. You can
look for lease violations and create a property report.
When you are in the property
regularly, you can check for unauthorized pets, or other people living there
who are not on the lease. Having unauthorized people living in the property can
cause major problems for you. For example, you might not know if someone living
there has a criminal record if you did not include him in your background
checks at the time of rental application. This can cause liability issues for
you if he attacks someone or causes harm. Always tell people that it is
important to be there checking your investment and making sure people are doing
what they say they are going to do when they sign the lease and move into your
property. If there are any lease violations or property damage issues, take
corrective action immediately. Your priority is to take care of problems before
they become big and expensive. The last thing you want to do is get the keys
back from your tenant when they are moving out and finding thousands of
dollars’ worth of damage. This will cause you to delay getting the property report Brisbane back on the rental market, and your income will be compromised.
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