We always begin a new year by setting goals and making resolutions both personally and professionally. If you are in the fortunate position of being the owner of rental property investment, you very likely set goals by your most important asset. It takes a lot of work to keep that asset profitable and up to scratch. There are a few home maintenance tips that can help with the upkeep of your rental property. At HomeVault, we overviewed the more common maintenance issues that appear in a rental property and came up with a rental property maintenance checklist to guide you through 2021.
Why do you need a rental maintenance checklist?
While all homeowners tend to have a home maintenance list, it is especially important for landlords to have a rental maintenance checklist. You are bringing someone else into your most important asset, possibly your personal residence. You have to make sure that that asset will keep its value and will be returned to you in the best possible condition. The easiest way to make sure that you implement a periodical check-up of the state of your rental investment is to set up an annual rental property inspection checklist.
Annual rental property inspection checklist
No matter if you are a DIY landlord or if you use the services of a professional property manager, this checklist is a must when it comes to the administration of your property. It will help you to record the exact state of your property and to lessen the amount of maintenance. Most property managers use such a property management preventive maintenance checklist during scheduled annual inspections of the property that they manage. We have to stress that this checklist can be implemented only if you can conduct the annual property inspection while complying with all regulations brought up by the COVID-19 pandemic.
The typical annual inspection checklist includes the following:
- Pipes– You need to check if there is any corrosion or leaks.
- Toilet and shower/ tub – Look for any scratches or possible leaks. Better to prevent an emergency intervention.
- Cabinets and countertops– Look for any cracks and scratches.
- Windows– Check if there are any scratched or broken windows.
- Walls– Check for cracks and for damages to the wall. It is normal for tenants to drill a few holes in the walls to hang their own pictures. Look for damage beyond what is considered normal wear and tear in rental properties. Try to estimate if the walls need to be painted before the next turnover.
- Fire alarm– Check if the fire alarm is functioning and if it has batteries.
- Heater/ AC– It is very important to check on the HVAC system. Make sure that filters are replaced in a timely manner. Learn more about what to do to increase the life of the HVAC system.
- Washer/ dryer/ oven/ stove– Check if they are functioning properly and if an upgrade would be needed at the next turnover.
- Outlets– It’s very important to maintain their proper usage so as to avoid costly electric issues in the future.
- Yard– Check if trees and shrubs need to be trimmed. If that is the case, make sure that your tenants comply with the rules of the local HOA.
- Gutter and exterior survey– Leaves can clog gutters which can result in damage to the roof and the walls. Make sure that they are cleaned properly.
Make sure to take photos of each of these items, so that you can keep a clear record of the state of your property at all times.
The benefits of having a rental maintenance checklist
Be upfront with your tenants about it and schedule with them a slot for the annual inspection. It will not only prolong the life of your property and reduce the overall cost of maintenance but it will also reassure your tenants that you make sure that they live in a safe and pleasant home. It is a sign of your professionalism that you regularly check on your asset. Following the checklist will ensure that you detect any possible issues on time so that you can prevent greater costs later. Natural disasters notwithstanding, making sure that everything on this list is up to standard is the best way to ensure that your property will remain rentable for a long time.
If you want to learn more about how property managers use the annual rental property inspection checklist, don’t hesitate to contact us at [email protected]