Boulder house prices are cooling somewhat, but it's still one of the most expensive and sought-after cities among property investors.
Wait! Don't rush out and spend around $405 per sq. ft. on a Boulder investment property just yet. First, consider the responsibilities involved in being a landlord.
Some of these things, like rent collection, stand out more than others. You might even consider neglecting some aspects of property management due to time constraints.
Rental property inspections are the one thing you should never slack on. These checks are vital for safeguarding your property's value and maximizing profits. Keep reading to find out why.
Property Inspections Protect Your Investment
Tenant screening is a good way to ensure your tenants pay their rent and act within the law while inhabiting your property. They can't predict how well they'll take care of your property, though.
As a landlord, you also have certain obligations under Colorado's Warranty of Habitability.
Neglect can quickly lead to irreversible property damage. In turn, this can devalue your investment.
Property inspections help you monitor whether your tenants are complying with their lease agreement regarding routine maintenance, pet provisons, and sub-letting.
If you notice that your tenants are causing damage to the home, you can act quickly to remediate this and evict them if necessary.
Rental Property Inspections Maintain Value
The market value of your property hinges on its condition. That's why most homeowners conduct extensive improvements before listing their properties.
If you do decide to sell your home, the buyer's mortgage lender will insist on a home inspection. If your home doesn't meet the bank's requirements, you could lose the sale.
Property inspections help you keep your home in excellent condition, so you can sell it at a profit one day without incurring last-minute costs.
Routine Maintenance Enhances Property Appeal
Routine inspections are the perfect time to carry out preventive and seasonal maintenance. These tasks help you avoid costly and unnecessary repairs and replacements.
You can charge a higher rent for a property that's well-maintained, ensuring ongoing profits from your investment.
It's also a lot easier to find tenants for a property that's in good condition, so you avoid costly vacancies. Your current tenants are more likely to renew their leases if their landlord keeps up with maintenance.
Repairs can eat into your profits when you own a rental property. Ongoing maintenance helps you avoid these costly measures.
When you maintain a property well, you won't find yourself faced with several repair bills at once. You get to decide when to replace expensive items, like your floor or roof, before they wear out.
Effective Rental Property Inspections in Boulder
Licensed rental inspection companies, like PMI Flatirons Group, know exactly what to look for during rental property inspections. We carry out all inspections according to a comprehensive checklist to protect your assets.
Our Boulder rental inspections complement our extensive routine maintenance and repair programs to enhance your property's profitability.
Contact us to find out more about how we can help you make the most of your valuable Boulder investment property.