Have you ever seen the 1986 film Money Pit? If not, you should give it a watch, especially as a rental property owner in Boston, Massachusetts. It can be quite educating, showing how quickly an ill-maintained house can fall apart.
That's also why you must implement regular rental property inspections. If not for these assessments, you won't know if your units are in good condition or tenants are misusing them. This can result in your properties turning into a money pit.
But when and how often should you conduct property inspections?
This guide provides expert insights, so please read on.
In Boston, MA, rental properties are subject to random inspections by City officials. There are only a few exceptions, such as if you rent out a building with six or fewer units and live in one of those units. The City can conduct these assessments on your properties at least once every five years.
It's not a good idea to wait for those inspections, as your properties could already be in disrepair by then. Instead, conduct them before listing your properties for rent. Then, perform necessary property maintenance and repairs to make your units move-in ready.
Quarterly or Seasonally
Ideally, you should schedule landlord inspections once every season. This helps you discover and address potential property damage before it worsens. This is even more crucial if your units are vacant; you have no tenants to notify you about problems.
One such problem is water damage, affecting about 14,000 people in the U.S. daily. This can happen to you if one of the pipes in your rental unit freezes and bursts in the winter. Unless remediated, this issue can promote mold growth throughout the year.
Indoor mold exposure, in turn, can make your tenants ill. It can even be the reason they file a complaint against you.
Please be aware that rental housing complaints in the Bay State are prevalent. Indeed, they even increased significantly in 2022. You don't want to be the subject of such complaints; otherwise, you could get penalized.
Before the Current Lease Expires
You should also conduct move-out inspections within 30 days of the end of a lease agreement. However, you must notify your tenants at least a week or two before the assessment. Letting them know is the courteous, polite thing to do as a landlord.
Move-out inspections let you determine if there are any tenant damages. If so, you can deduct these from their security deposits.
Simplify Rental Property Inspections
Regular rental property inspections can help ensure your properties are habitable and safe. They're also vital in maintaining or increasing your investments' values. However, they can be time-consuming, especially as you have to do them at least every season.
The good news is that PMI of Greater Boston can help. We provide the full-service property management you need for your rental properties. You can depend on us for property inspections, repairs, and rent collection.
So, reach out to us today for a consultation. We would love to share how we can help make a difference.