When looking for your next investment property, it’s relevant to know as much as possible going into the transaction. The last thing any rental property owner needs is to know about undesired or pretty costly surprises after the deal is executed. One of the efficient ways to catch any potential red flags that could involve future annoyances with the property is to thoroughly check certain things during the viewing. Here are the top 7 things you should consistently check out before taking possession of a Huntington Beach rental property.
- The age and condition of the property. This involves both basic details about the property’s past, plus the structure of the property and its condition inside and out. Be on the lookout for signs of water damage, mold, cracks, or other structural complexities that could be highly expensive to repair over time. Have a professional inspection done to secure no underlying issues that could occur to haunt you.
- The rental history of the property. If the property has been used as a rental in the past, ask referring previous tenants and check rental records, ideally, to get an awareness of how well-maintained the property has been. This can furnish you with highly valued insight into possible dilemmas with the property.
- The rental rates for similar properties in the area. Review rental rates for other properties in the same neighborhood to spot if the rental rate is competitive and in accord with market rates. If not, this could denote 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 meticulously at the dimensions and layout of each room in the rental property. This can help you to carefully consider whether there may be any complexities with the poor flow or inadequate storage space, which could certainly negatively impact your rental rates and tenant satisfaction soon after.
- Sections that may demand updating within the next five years. Grant special attention to any components of the rental property that may call for updates in the future, such as the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can help you carefully plan for bigger renovations and maintenance costs later.
- Any expected safety concerns. Always conscientiously check for smoke and CO detectors, poor lighting, wiring issues, leaking pipes or faucets, and wobbly toilets, all of which can be substantial safety hazards for future renters. Indeed, check railings, door and window locks, and other possible safety problems. Remember that it will be your responsibility as a Huntington Beach property manager to make any significant upgrades to be sure your renters have a safe place to occupy.
- The neighborhood and surrounding area. Look carefully around the rental property to get a comprehensive view of what living in that neighborhood would be like. Are there nearby schools or parks? Is there convenient access to shopping? Assess how these details may impact rental rates and tenant satisfaction eventually. Besides that, ensure to ask the property owner about any probable noise issues or other topics that may affect your rental property.
With precise information and an extensive inspection, you can be confidently certain that your rental investment is smart.
One of the most basic ways to collate information as regards a potential rental property is to ask the experts at Real Property Management Caliber. We assist investors like you to efficiently locate, research, and manage great rental properties in Huntington Beach and the surrounding areas. Contact us today to learn more about our prime services!
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