A routine inspection of your investment property is essential and sometimes underestimated by property investors.
Any property manager worth their salt will tell you that a periodic or routine inspection is essential for keeping things on track with your residential investment. While it's not essential for you to attend the inspection in person, your manager will visit the property to check its condition and determine if there is any maintenance required.
It's also a fantastic opportunity to see if the tenants are maintaining the property in accordance to their lease agreement (clean, undamaged, well presented, etc). Photos will generally be taken and a rent review will normally be performed.
Rules vary from state to state and in Victoria it's not possible to carry out an inspection until after three months of continuous occupation (excepting where the property is for sale and an inspection is allowed for valuation purposes). Generally, these inspections are performed every six months.
When engaging a property manager, ensure you are aware of how they inspect and manage properties including how regularly they will visit your property, whether photos are taken and what and how they take action on anything that needs attention.
While a periodic inspection report is not as detailed as a condition report, it provides you with an update on your property and tenancy.
For more information, you can download our complimentary eBook Why a Property Manager is Worth Their Weight in Gold here.
As always, if you have any questions, leave a comment below.
Until next time,
From the desk of Christine.