When searching for your next investment property, it’s important to know as much as possible going into the transaction. The last thing any rental property owner needs is to discover unwelcome or expensive surprises after the deal is executed. One of the best ways to catch any potential red flags that could indicate future problems with the property is to thoroughly check certain things during the viewing. Here are the top 7 things you should always check before buying a Norfolk rental property.
- The age and condition of the property. This covers both basic details about the property’s past, including the structure of the property and its condition inside and out. Search for evidence of water damage, mold, cracks, or other structural flaws that could be pricey to repair in the future. Get a professional inspection conducted to confirm that there are no underlying issues that could come back to bother you.
- The rental history of the property. If the property has been used as a rental before, inquire about previous tenants and check rental records, if needed, to know how well-maintained the property has been. This can give you useful insight into possible concerns with the property.
- The rental rates for similar properties in the area. Explore rental rates for other properties in the same locality to verify if the rental rate is competitive and corresponds to market rates. If not, this could be an indication that the rental property owner is trying to get more for the rental than it’s worth.
- The shape and size of each room. Inspect the dimensions and layout of each room in the rental property carefully. This can help you figure out whether there may be any difficulties with the poor flow or inadequate storage space, which could have a detrimental effect on your rental rates and tenant satisfaction over time.
- Parts that may require updating within the next five years. Keep an eye on any components of the rental property that may need updating in the near years ahead, such as the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can assist you in planning for bigger renovations and maintenance costs afterward.
- Any possible safety concerns. Always 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. Furthermore, check railings, door and window locks, and other possible safety risks. Bear in mind that it will be your responsibility as a Norfolk property manager to conduct any needed upgrades to ensure your renters have a safe living environment.
- The neighborhood and surrounding area. Watch closely around the rental property to gain an idea of what living in that neighborhood would be like. Are there in the vicinity schools or parks? Is there convenient access to shopping? Analyze how these elements may influence rental rates and tenant satisfaction in the long run. Additionally, remember to ask the property owner about any possible noise issues or other problems that may impact your rental property.
With the appropriate information and a detailed inspection, you can be sure that your rental investment is safe.
One of the simplest methods to acquire information about a potential rental property is to ask the experts at Real Property Management Complete. We cooperate with investors like you to help locate, research, and manage quality rental properties in Norfolk and the surrounding areas. Contact us today to learn more about our great services!
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