Buying a Monona rental property can be a great opportunity. But there is also the potential for significant financial losses if you aren’t careful. Before buying any rental property, it’s important to check specific aspects of the property, both inside and out. Carefully inspecting a potential investment property’s exterior is one of the best ways to spot hidden problems that could spell expensive repairs later on. By checking these eight specific things, you can rest assured that you have the information you need to make a good investment.
Detecting problems while inspecting a roof isn’t too tough, but you’d be surprised how often investors skip this step. In addition to noting what type of roof the property has (composite shingle, wood, tile, or flat roof), it’s important to get a close-up look at it. Test a few shingles and see if they move around. Record any spots where shingles are missing or seem worn, curled, or otherwise damaged. These are all big red flags that the roof isn’t completely healthy.
As you drive up to the property, be sure to note your first impressions. How is the curb appeal? Is the yard and landscaping attractive and neatly kept? Some overgrown weeds or low-hanging tree limbs are a pretty easy fix. But if you notice whole trees or large areas of the lawn that are dead or diseased, that could require an expensive landscaping job to get the place presentable.
Deck or Patio
Along with the yard, don’t forget to inspect exterior features like a deck or patio. Wooden decks are notorious for becoming a real safety hazard if they haven’t been properly maintained. Be sure to test the planks and supports for signs of termites or wood rot, and assess the condition of the finish. For patios, look for signs that the concrete is starting to crumble or break. Both are a sign that they may need to be replaced soon.
Siding and/or Paint
No inspection is complete without detailed notes about the property’s siding and exterior paint. Depending on what kind of siding material you’re dealing with, repairs could be as simple as replacing a few pieces of vinyl siding or as involved as re-painting a stucco exterior.
If the property you want to buy has wood anywhere on the home’s exterior, it’s important to check each area carefully. Along with wooden roof shingles and decks, some homes have wood clapboard siding, wooden trim around doors and windows, wood steps and railings, and more. Anytime wood is used on an exterior surface, there is the potential for wood rot – and not just in humid climates.
Drainage and Gutters
Another significant feature of a good investment property is how well it handles wet weather. Please take a close look at the condition of any gutters and downspouts, including the ground underneath them. If you notice signs of erosion or water damage to the foundation, those are both signs that the property does not have adequate drainage. The last thing you need is a rental property that floods every time it rains.
It’s common to check the electrical system inside a potential investment property, but don’t forget to check the exterior electrical elements, too. If you notice power lines running from a nearby pole to the house or attached to the home’s exterior, be sure to check them for damage. Also, make sure that electrical lines are high enough off the ground to be out of reach, and that the meter box appears to be in good condition and functional.
If the property has an air conditioning unit, it’s important to have it checked as thoroughly as you can. Outside AC units are often prone to rust and dirt. If they haven’t been cleaned or maintained in a while, it will show. If the property doesn’t have AC and you want to add it, you need to include the cost of not only the unit but professional installation as well.
Once you’ve checked these eight things, you will have a much better picture of whether the property fits your standard for a good rental home.
Have you found the rental investment of your dreams, but are wondering how to manage it? Real Property Management Greater Madison Metro is one of the most trusted and comprehensive rental property management companies in the area. Whether you already have a property or are just starting to plan your investment, feel free to reach out at 608-310-1290 or contact us online.
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