In the process of looking for your next investment property, you must know as much as possible moving forward into the transaction. One final consideration 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 Always make sure to check before making a Cañon City rental property purchase.
- The age and condition of the property. This applies to both basic details about the property’s past as well as the structure of the property and its condition inside and out. Look for signs of water damage, mold, cracks, or other structural problems that have the potential to be expensive to repair down the road. Have a professional inspection achieved to guarantee no underlying issues could come back to trouble you.
- The rental history of the property. If the property has been employed in place of a rental in the past, ask about previous tenants and check rental records, if possible, to get a sense of how well-maintained the property has been. This will provide you with useful insight into prospective problems with the property.
- The rental rates for similar properties in the area. Look at rental rates for other properties in the same neighborhood to see if the rental rate is competitive and in line with market rates. If not, this could be a sign that the rental property owner is trying to get more for the rental than it’s worth.
- The shape and size of each room. Look thoroughly at the dimensions and layout of each room in the rental property. This might assist you in determining whether there are any potential problems with poor flow or inadequate storage space, This can harm your rental rates and tenant satisfaction over time.
- Aspects might require updating within the next five years. Pay careful consideration to any and all components of the rental property that may need updating shortly, such as the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This might assist you in making plans for more extensive renovations and maintenance costs down the road.
- Any potential 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 serious safety hazards for future renters. Also, check railings, door and window locks, and other possible safety issues. Keep in mind that it will be your responsibility as a Cañon City property manager to any necessary upgrades to make sure your renters have a safe place to live.
- The neighborhood and surrounding area. Take a good look around the rental property to get an idea of what living in that neighborhood would be like. Are there neighboring schools or parks? Is there convenient access to shopping? Consider how these factors may impact rental rates and tenant satisfaction over time. Plus, be sure to ask the property owner about any possible noise issues or other concerns that may impact your rental property.
With the right information and a comprehensive inspection, you can be confident that your rental investment is smart.
One of the easiest ways to gather information about a potential rental property is to ask the experts at Real Property Management Steel City. We work with investors like you to help locate, research, and manage quality rental properties in Cañon City and the surrounding areas. Contact us today to learn more about our great services!
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